Climate finance surpasses $1trn a year. “All actors must accelerate investments now to significantly reduce future economic and social costs, but it is not just about costs – there are immense opportunities for businesses to pursue low-carbon and climate-resilient pathways.”
by Wagamaga
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Six years on from the Paris Agreement, annual climate finance flows across the globe surpassed the $1trn mark in 2021, according to new research from US non-profit the Climate Policy Initiative (CPI). However, that level still needs to increase fivefold by 2030 for the world to avoid the worst impacts of climate change, the group warns.
The average annual flows in 2021 and 2022 hit $1.3trn, double the level of 2019 and 2020, according to the CPI’s report, Global Landscape of Climate Finance 2023, released this month. However, 28% of the increase was a result of the increased availability of data.