9 September 2021
The World Bank has estimated that $4 trillion, 40 times the current amount promised, is required annually in developing and emerging economies for climate change mitigation and adaptation. Global finance needs to drastically enhance investments in clean technologies and move money away from fossil fuels.
Finance will be one of the four major topics that will be discussed at the United Nations Conference of Parties (COP) 26 meet in November this year. As the recent IPCC report warns, urgent and bold climate action is needed to avoid catastrophic consequences of climate change. At COP 26, countries are expected to enhance their climate targets into greater alignment with what the world needs to keep warming to below 1.5 C. In the wake of the global coronavirus pandemic, mobilising climate finance for developing countries, such as India, is more important than ever.
India has been vocal about developed countries stepping up, and making good on their promise to mobilise at least $100 billion annually in climate finance.