The sums needed – approximately $1tn a year by 2030 – are achievable without disruption to the global economy, and would help to generate greener economic growth for the future.Amar Bhattacharya, a senior fellow at the Brookings Institution, and a visiting professor at the London School of Economics, who is the executive secretary of the UN’s independent high-level expert group on climate finance, said: “Is it feasible? The answer is absolutely yes.
The governments of nearly 200 countries are wrangling over how to channel the funds needed to help poor nations cut their greenhouse gas emissions and cope with the impacts of extreme weather. But the two-week Cop29 summit, in Azerbaijan’s capital of Baku, which is scheduled to end this Friday, has beenas rich countries have so far refused to say exactly how much they are willing to contribute to the sums needed.
The sums seem large, conceded Nicholas Stern, the economist and co-chair of the IHLEG, but they are not when put in the context of the global economy, of which $1tn is only about 1% a year. According to the International Energy Agency, the world already spends more than $3tn a year on energy, of which two-thirds is on renewables and clean forms of power. Global pension assets add up to approximately $56tn.
According to the IHLEG, the overall cost of shifting all of the world’s developing countries excluding China on to a low-carbon path would come to $2.4tn, of which the $1tn only describes the amount needed from external sources – the rest would come from the countries’ existing domestic budgets. However, it seems unlikely that developed countries will stump up such sums. Economists spoken to by the Guardian said that recruiting the private sector to build green infrastructure – such as wind and solar farms, electric vehicles, low-carbon transport and other amenities – made sense, as these were activities that turned a profit and were thus able to attract investment.
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