Sunday, October 17, 2021

At least half of climate finance should go to adaptation

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An iceberg is seen on the shore of a cemetery in Nuuk, Greenland, on September 13, 2021.

Hannibal Hanschke | 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 propping up lands at risk from rising sea levels and relocating people whose homes cannot be saved. said the Secretary-General of the United Nations. António Guterres on Friday.

The problem is particularly acute in developing countries.

“Developing countries received just $ 16.8 billion in 2018, compared to adaptation costs of about $ 70 billion,” Guterres said.

“We must dedicate at least 50 percent of climate finance to adaptation.”

The costs of climate adaptation in developing countries are expected to rise to $ 300 billion a year by 2030, he said.

Guterres, who addressed the Great Economies Forum on Energy and Climate, also said the world is not doing enough to reduce carbon emissions, setting us on a disastrous path for climate change, the secretary-general of United Nations, António Guterres.

“The world is on a catastrophic path toward 2.7 degrees of warming,” Guterres said. “We need a 45% reduction in emissions by 2030 to reach carbon neutrality by mid-century.”

The latest Nationally Determined Contributions report, scheduled for release on the Friday before the COP 26 November conference, contains information on what countries must do to achieve the goals set in the 2015 climate agreement signed in Paris. According to that report, emissions continue to rise, Guterres said.

“Today’s data implies a 16 percent increase in emissions in 2030 compared to 2010 levels,” he said.

Specifically, Guterres called for charcoal production.

“If all the planned coal power plants are put into operation, not only will we be clearly above 1.5 degrees, we will be well above 2 degrees. The Paris targets would vanish,” Guterres said. “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 warned of a “high risk of failure of COP26”, referring to October 31 to November 12.

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