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January 27,2022

Andrew Campbell 

On January 27th, the United Nations Environment Programme (UNEP), the World Economic Forum (WEF), and the Economics of Land Degradation Initiative released a joint report investigating how wealthier countries can better help nature-based solutions. 

According to the report, the world's 20 wealthiest countries should increase their annual spending on environmental protection and restoration to $285 billion by 2050. However, it is estimated that the bloc's spending in 2020, including large emerging economies, was $US120 billion.

The report also stated that 50 leading economies spent more than $US14.6 trillion in 2020 to recover from the COVID-19, with only $US368 billion, or 2%, classified as "green."

The report stated that the G20 countries have the capacity to accomplish the aim as they carry out the majority of global economic and financial activity with fiscal freedom.