Developing nations can slash emissions with modest investments

While low-carbon pathways can bring economic gains, they require "improved and sustained access to finance and mobilization of private capital" to meet countries' needs, the bank said in a new report.

The publication comes days before nearly 200 countries gather for the COP27 climate summit in Egypt when the urgent need for funds to help vulnerable nations adapt will be on the table.

"Climate action is a key global public good, requiring significant new financing from the global community and mechanisms for inflows," said World Bank President David Malpass said in a statement.

Investing an annual average of 1.4 percent of the gross domestic product of developing countries for adaptation and mitigation could help to slash emissions by as much as 70 percent by 2050, according to the report.

However, investment needs tend to be greater in lower-income countries, with some requiring up to five percent of GDP, even though the group has contributed the least to global warming.

They also have more limited access to financing, which is why rich countries need to play a role, the report said.