This Article First Appeared In Indianexpress On Nov 30, 2022
As the world struggles to check rising global temperatures, it is getting increasingly clear that the single-biggest challenge in putting up an effective response to climate change is the failure to mobilise adequate financial resources. The money currently being channelised for climate action is barely one to 10per cent of the estimated requirements.
At the recently concluded climate change meeting in Sharm el-Sheikh, Egypt, countries agreed that a complete transformation of the international financial system was needed to significantly scale up resources for climate action. Accordingly, the meeting called upon the multilateral development banks, lending agencies and other financial institutions to align their priorities with the global climate goals, and redesign their structures and processes.