Harris and Trump make final push in must-win Pennsylvania    Drones and snipers on standby to protect Arizona vote-counters    India's Modi condemns violence after Canada temple incident    Elon Musk can keep giving $1m to voters, judge rules    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    Tourism Development Fund launches "Tourism Empowerment" programs to enhance sustainable growth of SMEs    Saudi crown prince, Tunisian president review bilateral relations in phone call    SFDA Chief visits premier biotechnology and medical firms in China    Al-Khereiji: Collective action in combating terrorism is a must for achieving stability and prosperity    Saudi Awwal Bank becomes the Kingdom's first bank obtaining ISO certification for quality management system in operations    10 cooperation agreements signed during Saudi-Turkish Business Forum in Istanbul    Saudi Arabia's non-oil revenues grow 6% in 9 months while Q3 budget posts SR30 billion deficit    Quincy Jones, titan of US music, dies aged 91    Enhancing zakat, tax, and customs compliance takes center stage at the Zakat, Tax, and Customs Conference 2024    Neymar expected to join Al Hilal squad for AFC clash against Esteghlal, says coach Jesus    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



The trillion dollar climate finance challenge
Published in The Saudi Gazette on 27 - 06 - 2021

It's overwhelmingly accepted that climate change is a very significant threat to humanity and while there are countless solutions to tackling what has been described by the UN as the "existential threat" of our times, it is still not fully clear how these solutions will be paid for.
Investments in renewable energy and sustainable infrastructure are growing, however from January 2020 to March 2021, globally, more money was spent on fossil fuels, which when burned create the harmful gasses driving climate change.
Many countries lack the financial resources to make the transition to clean energy and a sustainable way of life that could reverse climate change. The UN says that says that climate finance is the answer because not investing will cost even more in the long-term, but also because there are significant opportunities for investors.
What is Climate finance?
Broadly speaking, climate finance relates to the money which needs to be spent on a whole range of activities which will contribute to slowing down climate change and which will help the world to reach the target of limiting global warming to an increase of 1.5°C above pre-industrial levels.
To reach this goal, the world needs to reduce its greenhouse gas emissions to practically zero by 2050; the phrase net-zero is also heard a lot in the context of financing climate action.
Initiatives that must be financed to reach net-zero include those which reduce emissions of harmful gasses as well as enhancing or protecting the natural solutions which capture those gasses, like forests and the ocean.
The finance also aims to build the resilience of populations most affected by climate change and help them to adapt to changing climatic conditions, measures, which in turn will help to reduce warming.
The finance exists and so do the solutions to transition to what the UN calls a green economy. Renewable energy, which provides electricity without producing carbon dioxide or other forms of air pollution is a crucial building block for powering sustainable economic growth.
Why is it important?
With global temperatures rising, along with changing weather patterns, sea-level rise, increases in droughts and floods, the world's most vulnerable populations are facing ever-increasing risks, food insecurity and have fewer chances to break out of poverty and build better lives.
In fact, the UN estimates that climate change could drive an additional 100 million people into poverty by 2030. Significant financial resources, sound investments and a systematic global approach are needed to address these worrying trends.
So how much is needed?
Significant investments are needed and international cooperation is critical. More than a decade ago, developed countries committed to jointly mobilize $100 billion per year by 2020 in support of climate action in developing countries.
It may sound like a lot but compare that to world military expenditure in 2020, which was estimated at just under $2 trillion or $2000 billion or the trillions of dollars spent by developed countries on COVID-related relief for their citizens.
According to an expert report prepared at the request of the UN Secretary-General, the $100billion target is not being met (the latest available data for 2018 is $79billion), even though climate finance is on an "upward trajectory."
So, there is still a big gap in finance.
Does it make financial sense?
The real question is whether the world can afford not to invest in climate action.
Communities in all parts of the world are already suffering from the financial effects of climate change, be it crop loss due to drought or major damage to infrastructure caused by flooding or other extreme weather.
The UN Special Envoy on Climate Action and Finance Mark Carney said the huge amount of investment required represents an opportunity and not a risk, arguing that the benefits that flow from these investments dramatically outweigh any upfront costs. — UN News


Clic here to read the story from its source.