By The Hill Staff - 10/23/13 03:12 PM EDT
The report, released Tuesday by the Climate Policy Initiative, says that financing flows have hit a peak at $359 billion per year, which falls significantly short of the most conservative estimated needs for investing in climate policies.
In order to stabilize greenhouse gas emissions, the report says, roughly $490 billion per year to $910 billion per year should be spent on investments in curbing climate change between 2010 and 2050.
The Climate Policy Initiative also recommends a continual investment in aiding low-carbon investments internationally, specifically to developing countries.
State Department climate envoy Todd Stern warned on Tuesday that the United States is not likely to provide a major increase in its funding to help poor countries battle global warming.
Since 2010, the U.S. has provided $2.5 billion per year to help other countries lower emissions and adapt to climate change, and he said the Obama administration will keep pushing for funding.
“Now the hard reality: No step change in overall levels of public funding from developed countries is likely to come anytime soon," Stern said. "The fiscal reality of the United States and other developed countries is not going to allow it."
This post was updated at 4:56 p.m.