At least half of climate finance should be spent on adaptation
An iceberg is seen at the shore of a graveyard in Nuuk, Greenland, September 13, 2021.
REUTERS To mitigate the effects of climate change, the world will have to spend at least 50 percent of total climate finance on adaptation, such as shoring up land at risk from sea level rise and relocating people whose homes cannot be saved, said United Nations Secretary General .| REUTERS
To mitigate the effects of climate change, the world will have to spend at least 50 percent of total climate finance on adaptation, such as shoring up land at risk from sea level rise and relocating people whose homes cannot be saved, said United Nations Secretary General António Guterres on Friday.
This problem is especially acute for developing countries.
“Developing countries received only $16.8 billion dollars in 2018 – compared to adaptation costs of some $70 billion,” Guterres said.
We must dedicate at least 50% of our climate finance for adaptation.
He said that the costs for climate adaptation in developing nations could rise to $300 billion per year by 2030.
Guterres, who was addressing the Major Economies Forum on Energy and Climate, also said that the world is not doing nearly enough to cut carbon emissions, setting us on a disastrous path for climate change, said the United Nations Secretary General António Guterres on Friday.
Guterres stated that the world was on a dangerous path to heat of 2.7 degrees. To reach carbon neutrality in the mid-century, we need to reduce emissions by 45% by 2030.
The latest Nationally Determined Contributions report, slated for publication on Friday ahead of the COP 26 conference in November, contains information about what countries must do to reach the goals set out in the 2015 climate agreement signed in Paris. Guterres reported that the emissions have not stopped increasing.
He stated that today’s data suggests a 16 percent increase in greenhouse gas emissions by 2030, compared with 2010 levels.
Guterres specifically called attention to coal production.
“If all planned coal power plants become operational, we will not only be clearly above 1.5 degrees — we will be well above 2 degrees. Guterres claimed that Paris’ targets “would go up in flames.” “We need coalitions of solidarity – between countries that still depend heavily on coal, and countries that have the financial and technical resources to support transitions.”
He also spoke out against the “high-risk failure of COP26”, referring specifically to the 31 October-12 November.