Developing countries ‘will need $2tn a year in climate funding by 2030’

The Cerro Dominador solar plant in the Atacama desert, Chile. The report says the funding figure would enable a global transition to green energy. Photograph: John Moore/Getty Images

About $2tn (£1.75tn) will be needed each year by 2030 to help developing countries cut their greenhouse gas emissions and cope with the effects of climate breakdown, new data suggests.

The cash will be needed so that poor countries can switch away from fossil fuels, invest in renewable energy and other low-carbon technology, and cope with the impacts of extreme weather, according to a report that was commissioned jointly by the UK and Egyptian governments, and presented at the Cop27 UN climate summit.