There are also recent postulations linking climate change to the deadly COVID-19 pandemic that is presently tearing the world apart. These and many more occurrences of hydrometeorological disasters bear testament to the fact that climate change is now simply impossible to ignore.
Climate finance plays an important role in supporting countries to adopt low-emission, reduce vulnerability and increase the resilience of human and ecological systems. This has been an integral part of international climate change negotiations since the inception of the United Nations Framework Convention on Climate Change in 1992.
To achieve the low-carbon transition, it is estimated that USD 1.6 trillion to USD 3.8 trillion annual investment between 2016 and 2050 is required for supply-side energy system investments alone, while the Global Commission on Adaptation estimates adaptation costs of USD 180 billion annually from 2020 to 2030. Nevertheless, there is no concrete consensus among world leaders to meet these financial commitments as they continue to play for time.
Governments in various countries should continue to raise the level of ambition in national climate plans and allocate resources to enable implementation of these plans. It is also important for public and the private actors to coordinate in order to rapidly scale up finance in sectors beyond renewable energy generation.
Olasunkanmi Habeeb Okunola is a scholar in disaster risk reduction and community resilience with cross-cutting research and program experiences on climate change adaptation and inclusive education in the Sub-Saharan Africa. He tweets @sunkiehabeeb