China has been specifically excluded from the demand for reparations, which includes taxes for fossil fuel companies on their global "carbon profits," even as the Communist state's greenhouse gas emissions now exceed the entire rest of the developed world combined.

The first one trillion dollars alone should come from rich countries, investors and multilateral development banks, declared the analysis commissioned by Britain and Egypt, hosts respectively of the 2021 U.N. climate summit in Glasgow and this week's COP27 event in Sharm el-Sheikh, Egypt.

A further $1.4 trillion must then originate domestically from private and public sources, said the report seen by AFP.

UK Prime Minister Rishi Sunak's government has already signalled it is open to discussing climate "reparations"  as he prepares tax hikes and public service cuts at home in the name of fiscal responsibility, as Breitbart News reports.

The new 100-page analysis, Finance for Climate Action, is presented as an investment blueprint to deliver Paris climate treaty goals of capping the rise in global temperatures below two degrees Celsius, and at 1.5C if possible.

"Rich countries should recognise that it is in their vital self-interest — as well as a matter of justice given the severe impacts caused by their high levels of current and past emissions — to invest in climate action in emerging market and developing countries," said one of the report's leads, economist Nicholas Stern, who also authored a landmark report on the economics of climate change.

It calls for grants and low-interest loans from the governments of developed countries to double from about $30 billion annually today to $60 billion by 2025, AFP reports.