"Global additional investment and financial flows of 200-210 billion dollars (146.3-153.7 billion euros) will be necessary in 2030 to return global greenhouse gas emission to current levels," according to the report by the United Nations Framework Convention on Climate Change.

The UNFCCC is holding talks in Vienna this week with government, industry and research representatives in preparation for a conference in Bali in December to discuss climate commitments for the period following 2012, when the Kyoto protocol expires.

Between 0.3 and 0.5 percent of global gross domestic product and between 1.1 and 1.7 percent of global investment will have to be spent on addressing climate change, the report estimated.

Although additional funding is necessary, "a substantial part of the additional investment and financial flows needed could be covered by the currently available sources," the report also said.

The aim will be to "direct the financial and investment flows into new facilities that are more climate-friendly and resilient."

This will include investing in technology research, renewable energy and energy efficiency for transportation, industry and construction, as well as supporting agroforestry and implementing sustainable forest management.

Funding should also be provided to certain sectors in developing countries to encourage them to reduce activities that can lead to further climate change.

One way to generate additional funding is the Kyoto Protocol's Clean Development Mechanism (CDM). Under that mechanism, industrialised countries can invest in projects that reduce emissions in developing countries rather than reduce emissions at home which can be more costly, the report said.

It also called on all countries to adopt common policies on technology research and development and to set global efficiency standards for international electrical appliances.

UNFCCC executive secretary Yvo de Boer said: "This analysis is significant because traditional investment needs to be re-directed to more climate-friendly and climate-proof alternatives."

More than a thousand representatives are gathering in Vienna this week as part of the UNFCCC talks.

"This meeting will give an indication on whether the political community is willing to go beyond well-intentioned platitudes," De Boer.

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