The world’s climate goal is hanging by a thread and countries need to dig deeper to provide the finance and set the policies needed to shift to a low-carbon economy, delegates to climate events in London heard this week.
Countries also need to make more ambitious plans to cut emissions to 2035, as average global temperatures hit fresh monthly records, some of which breached the world’s target temperature increase limit of 1.5 degrees Celsius above the pre-industrial average. “We need finance at scale,” Selwin Hart, Special Adviser to the United Nations Secretary-General on Climate Action said at an event this week.
Preliminary talks earlier this month in Bonn, Germany, exposed continuing rifts among the world’s biggest economies over who should contribute – and by how much. While the target finance amount was important, Mohieldin said any deal needed more clarity over the types of financing to be offered, such as loans, equity or guarantees, and how it would be counted to ensure governments deliver what they pledge.
“The number to me should be higher than a trillion per year,” he said. “And then there’s a question of how that number changes over time and honestly that level of sophistication has been completely lacking in these technical expert dialogues.”
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