Belem: The global effort to fund climate action is expanding, but the money is still unevenly shared. While total funding for climate projects has now crossed 1.5 trillion dollars a year, many developing nations in Africa, Asia, and Latin America continue to face major shortfalls in the resources needed to protect their economies and people from the growing effects of climate change.

According to the Climate Policy Initiative, global climate finance reached about 1.46 trillion dollars in 2022 and continued to rise through 2023 and 2024. Experts say this figure is still far below the estimated requirement of up to 10 trillion dollars each year by 2030 to meet the world’s climate goals.

India has made steady progress in securing funds for climate action, but the difference between what is needed and what is available remains wide. A report by the Climate Policy Initiative shows that India directed around 3,712 billion rupees, about 50 billion dollars, to clean energy, transport, and energy efficiency in 2021 and 2022. Another 1,092 billion rupees, or roughly 15 billion dollars, was invested in adaptation measures such as flood protection and sustainable agriculture.

Despite this progress, India still needs close to 170 billion dollars every year to meet its national climate targets. Most of the current funding comes from government sources, and experts believe private investment must grow rapidly to fill the gap and speed up the shift to renewable energy and climate resilience.

Across Africa, climate finance has increased but remains far below the level required. The 2024 report titled Landscape of Climate Finance in Africa shows that total flows rose by almost half to reach around 44 billion dollars in 2021 and 2022. This amount meets only about a quarter of Africa’s annual investment needs for climate action.

Nearly 39 percent of Africa’s climate funds go to adaptation projects that help countries prepare for floods, droughts, and other climate-related disasters. However, a large portion of these funds are loans rather than grants, which adds to the debt burden of many African nations and limits their capacity to invest in long-term solutions.

China remains the largest recipient of climate and clean energy investment worldwide. Data from BloombergNEF and the International Energy Agency show that China attracted more than 500 billion dollars in clean energy and energy transition projects in 2022, making up nearly one third of global investment in this field.

The country’s success is driven by strong industrial policies, renewable energy expansion, and investor confidence. Much of the funding goes to large projects in solar and wind energy, electric vehicles, and battery manufacturing. Analysts, however, stress that more balanced investment across regions is needed to ensure a fair global transition.

The numbers underline a deep imbalance in the flow of funds. While the world spends more than 1.5 trillion dollars a year on climate-related efforts, the benefits are not equally shared. India mobilizes around 65 billion dollars each year, Africa about 44 billion, and China several hundred billion. Other developing regions, including much of Latin America, receive even less support.

This uneven flow of finance leaves vulnerable countries exposed to rising climate risks. Without stronger global cooperation and more inclusive financing, experts warn that rich nations will continue to progress in green development while poorer regions bear the worst damage from floods, droughts, and heatwaves.

The next challenge for the world is to make climate finance more equitable and effective. Governments and international institutions are calling for more adaptation funding, especially for vulnerable countries in Africa and Asia. They are also urging a greater share of grants instead of loans to avoid adding to national debt.

Innovative approaches such as green bonds, blended finance, and debt-for-climate swaps are gaining attention as possible solutions. For India and other emerging economies, policy clarity and incentives will be key to attracting more private investors. For Africa, stronger international partnerships and reforms in financial institutions are essential to close the gap.

The new global goal of 300 billion dollars a year in climate finance by 2035 is a step in the right direction. However, experts say it will take consistent action and cooperation to turn these promises into real progress. Unless funding becomes fairer and easier to access, the world risks leaving behind the countries that need help the most to face the growing threat of climate change.