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Report: Global Landscape of Climate Finance 2019

Posted by Deesha Chandra (Admin) Nov 20, 2019 Posted in Finance

Source: Climate Policy Initiative (CPI)

Four years after world leaders negotiated the Paris Climate Agreement, now signed by 195 countries around the world and ratified by 187, national policies and market signals are starting to reflect the urgency both of increasing finance for mitigation of and adaptation to the effects of climate change, and of making all financial flows consistent with a pathway toward low-carbon and climate-resilient development. However, much more ambition will be needed to avoid the most catastrophic effects of climate change, including a push at the national level for countries to meet and exceed their climate action plans.

The 2019 edition of Climate Policy Initiative’s Global Landscape of Climate Finance (the Landscape) again provides the most comprehensive overview of global climate-related primary investment. This year’s report includes six years of consecutive data, including the first major wave of investments following ratification of the Paris Agreement, in 2017 and 2018.

Highlights from the 2019 Landscape incude:

  • Annual tracked climate finance in 2017 and 2018 crossed the USD half-trillion mark for the first time.
  • CPI reports two-year averages to smooth out annual fluctuations in data. Indeed, climate finance flows reached a record high of USD 612 billion in 2017, driven particularly by renewable energy capacity additions in China, the U.S., and India, as well as increased public commitments to land use and energy efficiency. This was followed by an 11% drop in 2018 to USD 546 billion.
  • While climate finance has reached record levels, action still falls far short of what is needed under a 1.5 ˚C scenario.
  • There is a need for a tectonic shift beyond ‘climate finance as usual.’ Annual investment must increase many times over, and rapidly, to achieve globally agreed climate goals and initiate a truly systemic transition across global, regional, and national economies.
  • In this context, scarce public and other concessional financial resources must be used in a more transformative way.

READ HERE 

This post was edited on Nov 21, 2019 by Deesha Chandra

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