London, December 1 (RHC)-- The world's 48 least developed countries need nearly $1 trillion in the next decade to achieve their plans to tackle climate change, a British think-tank says. According to the calculations made by the International Institute for Environment and Development (IIED), these poorest nations require $53.8 billion annually to curb emissions and $39.9 billion to cope with more extreme weather and rising sea levels from 2020 to 2030.

The IIED's statement came as the United Nations' two-week conference on climate change -- dubbed COP 21 -- got underway in the French capital Paris. The gathering is expected to iron out a deal on cutting emissions that precipitate global warming.

According to IIED Director Andrew Norton, the poorest nations currently get less than a third of all international climate funding provided by rich countries.

"A fair and effective deal at Paris should prioritize the investment of international public climate finance for this group to implement their climate action plans, while agreeing measures to help better-off countries attract private climate finance," he said.

The colossal money is needed to help the poor countries shift to renewable energy sources, such as solar, and build cleaner public transport systems, among others.

The poorest countries of the world, including Ethiopia, Zambia, Yemen, and Pacific island nations, are suffering from the most devastating effects of climate change, such as intensifying droughts, floods and crumbling coastlines, while they just produce a tiny fraction of the planet-warming gases that drive climate change.

The 2015 Paris Climate Conference talks are due to clarify how wealthy nations will mobilize a promised $100 billion annually by 2020 to help poorer nations.