Olaf Scholz: Climate financing will be discussed in Baku

The issues of financing new climate goals after 2025 will be discussed this year in Baku, German Chancellor Olaf Scholz said at the High-Level Segment of the XV Petersberg Climate Dialogue held on April 26, Report informs.

The chancellor noted that, compared to 15 years ago, now it is not only about the application of future technologies but about the financing of economically effective technologies.

"According to data from the leading independent expert groups on climate financing, by 2030, technology upgrades in developed and developing countries will need $2.4 trillion annually. That's a big figure. The resources of only one country or a small group of countries will not be enough. For such large-scale investments, it is necessary to join many people," Scholz said.