The world’s poorer countries will need $1 trillion in funding per year by 2030 to address or adapt to climate change, concludes a new study by economists highlighted by The Guardian.

Wealthier countries are expected to agree at the COP29 summit in Baku on the need to fund this amount, but with a five-year delay, beginning in 2035.

The study, conducted by the High-Level Expert Group on Climate Finance, was published Thursday morning.

Lord Stern, one of the leading economists on the Expert Group, stated, "Addressing climate change becomes more expensive the longer we wait. The $1 trillion by 2030 is entirely achievable for wealthy nations, but it requires real commitment and swift action."