The United Nations stated that investing in energy efficiency for power plants, buildings, and cars is a crucial step in slowing global warming. They emphasized that curbing emissions of greenhouse gases in developing nations can be done more affordably than in wealthy nations. According to a UN report presented at a meeting in Vienna, the cost of reducing emissions to current levels by 2030 would be 0.3 to 0.5 percent of projected GDP, or 1.1 to 1.7 percent of global investment flows. Yvo de Boer, the head of the U.N. Climate Change Secretariat, highlighted that energy efficiency is the most effective way to reduce greenhouse gases in the near future. Last week, a 216-page report was released online. The study could provide valuable guidance to governments meeting in Austria to address long-term strategies for combating global warming beyond the UN's Kyoto Protocol. The protocol requires 35 wealthy nations to limit greenhouse gas emissions by 2008-12. According to the report, it is estimated that an additional investment of $200 billion-$210 billion will be needed by 2030 to reduce greenhouse gas emissions to current levels. This includes initiatives for energy supply, forestry, and transportation. Improving energy efficiency in power plants, increasing fuel efficiency in vehicles, and enhancing insulation in buildings are suggested measures. The study predicts a transition towards renewable energy sources like solar and hydropower, along with some nuclear power. It also projects that investments in helping countries adapt to the effects of climate change could reach tens of billions of dollars by 2030, including efforts to combat diseases like malaria and build protective structures against rising sea levels. The report suggests that carbon markets must be expanded significantly to meet the demands for increased investments and financial support. Currently, companies are responsible for approximately 60 percent of global investments. According to experts, this report is the first of its kind to provide an overview of the necessary investments for a single year, specifically 2030. The report addresses some missing information in a broader context provided by previous reports, such as one by former World Bank chief economist Nicholas Stern, who stated that it would be more cost-effective to address climate change now rather than waiting to deal with the consequences. U.N. reports this year have also predicted that global warming will result in more heat waves, droughts, disease, disruptions in agriculture, and higher global sea levels. De Boer emphasized the need for increased investments in developing nations, stating that the majority of cost-effective opportunities exist in these countries. However, he also noted that this does not mean that wealthy nations should only focus on investing abroad rather than at home, as over half of the necessary energy investments are required in developing countries. China is constructing two new coal-fired power plants every week to support its expanding economy. It has been suggested that investing in more environmentally friendly technology, like filtering and storing carbon emissions, could be beneficial.