Promised funding from the international community for renewables projects in developing countries must be delivered to cut emissions, according to a new report.

The 1 Gigaton Coalition, backed by the Norwegian Government and the UN Environment, released a study today that estimates the equivalent of around 18 months of European transport emissions can be removed annually by 2020, if a quarter of the pledged US$100 billion is delivered every year.

“As renewable energy and energy efficiency bring other benefits – including better human health and jobs – I urge the international community to deliver on the funding they promised to support developing nations in their climate action,”said Ms Ine Eriksen Søreide, Norway’s Minister of Foreign Affairs. “Partner-supported renewable energy and energy efficiency projects and policies are vital for global decarbonization, as they provide key resources and create enabling environments in critical regions.”

And the importance of such investments were further emphasised today with the release of the UN Environment’s Emissions Gap report, which shows 2030 climate targets won’t be met at the current pace of change.