LONDON, (Reuters) – Emerging markets need $1 trillion a Year of private and public finance to transform to a low carbon economy to combat climate change. This is according to a BlackRock report (NYSE:).

BlackRock reported that the figure was a substantial increase over the United Nations goal to mobilize $100 billion annually. It also indicates that adding emerging markets is “essential” in order to limit global warming.

It is likely that the issue will be at the center of all discussions during the next round in global climate negotiations, which starts in Glasgow Oct. 31. The talks are open to all countries and encourage them to work harder to achieve net zero emissions by 2050.

BlackRock indicated that public institutions would need to provide $100 billion annually in grant-equivalent financing to meet the goal financing. These funds could then be leveraged through additional investment from both public and private sectors.

Multilateral institutions have worked for many years to fund climate-related projects, but they’ve had “limited success” at attracting capital.

According to it, the biggest barrier to investment was that of extra risk associated with investing in emerging market markets.

The public investor would have to be more willing to assume risk, and to lose greater amounts in order to solve the problem.