The fourth day of the 29th United Nations Conference of the Parties (COP29) on climate change opened with somewhat devastating news: says a report from the Independent High-Level Panel on Climate Finance (IHLEG, for its acronym in English). that they are necessary at least $1 trillion per year until 2023 so that developing countries – excluding China – can mitigate and adapt to the climate crisis.
Only in this way, the text states, can the objectives of the Paris Agreement be achieved. Therefore, the authors urge summit delegates to “focus” on this mobilization of investments. This figure is also expected to increase to approximately $1.3 trillion in 2035.
The report, presented today, November 14, warns that “any delay in achieving the financial target will result in increased costs in the future”. As many leaders – particularly those of small island states – have reiterated all week, climate change is a problem that is already affecting the most vulnerable countries.
Spain, with its two danas in just over two weeks, is a good example, as Pedro Sánchez recalled in his speech during the plenary session of the climate summit. But there are countries that are already in an even worse situation than us. And the poorest are also those who suffer the most from the consequences of global warming caused by fossil fuel emissions.
For this reason, as the study authors warn, investments needed for both adaptation and loss and damage are expected to increase “significantly” in the coming years. The objective of mobilizing 1 billion dollars per year is already not up to par. “It is crucial to act quickly,” say the experts.
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