RTL Today – The juggernaut of global warming: Southern countries need 2,000 billion dollars a year to control the climate
Developing and emerging countries – excluding China – need investments well over $2 trillion a year by 2030 if the world is to stop the juggernaut of global warming and deal with its impacts, according to a UN-backed report released on Tuesday.
A trillion dollars is expected to come from rich countries, investors and multilateral development banks, according to analysis commissioned by Britain and Egypt, hosts of the 2021 UN climate summit in Glasgow and of this week’s COP27 event in Sharm el-Sheikh.
The rest of the money – about $1.4 trillion – must come from domestic and private sources, according to the report.
Current investments in emerging and developing economies other than China amount to approximately $500 billion.
The new 100-page analysis, Finance for Climate Action, is touted as an investment plan to green the global economy fast enough to meet Paris climate treaty goals of capping global temperature rise below two degrees Celsius, and at 1.5°C if possible.
Warming beyond this threshold, scientists warn, could push the Earth into an unlivable greenhouse state.
“Rich countries should recognize that it is in their own vital interest – as well as a matter of justice given the severe impacts caused by their current and past high levels of emissions – to invest in climate action in emerging and developing countries,” said one of the report’s lead, economist Nicholas Stern, who is also the author of a landmark report on the economics of climate change.
The report is among the first to map the investments needed in the three main areas covered by the UN climate talks: reducing emissions of greenhouse gases that cause warming (mitigation), adaptation to future climate impacts (adaptation) and compensation for the poor and vulnerable. nations for unavoidable damage already incurred, known as “loss and damage”.
– Locking in fossil fuels –
It calls for grants and low-interest loans from governments in developed countries to double, from about $30 billion a year today to $60 billion by 2025.
“These sources of finance are critical for emerging markets and developing countries to support land and nature restoration actions, and to protect against and respond to loss and damage from the impacts of climate change,” the leaders said. authors.
“Emerging market” countries include large economies in the Global South that have experienced rapid growth – coupled with rising greenhouse gas emissions – in recent decades, including India, Brazil, South Africa, Indonesia and Vietnam.
Historically considered part of this group, China has been excluded from new estimates, presumably due to its unique and hybrid status.
Its economy – the second in the world – is in many ways advanced, and Beijing has positioned itself as a major international investor in its own right, thanks to its “Belt and Road” initiative and the promotion of “South- South” across the developing world.
In the context of climate change, developing countries include the world’s poorest economies, many of which are in Africa, and those most vulnerable to climate hazards, such as small island states facing existential threats from sea level rise and increasingly powerful cyclones.
“Most of the growth in infrastructure and energy consumption that is expected to occur over the next decade will occur in emerging and developing countries,” Stern said.
“If they remain dependent on fossil fuels and emissions, the world cannot avoid dangerous climate change, damaging and destroying billions of lives and livelihoods in rich and poor countries alike.”