Climate Crisis Investments Top $1 Trillion
Global investment in cutting greenhouse gases fell by 11% in 2018; Climate mitigation effort ‘cancelled out’ by outlay on fossil fuels finds CPI
Fiona Harvey, 6 November 2019 (UK Guardian)
“…Global climate finance hit a record high of $612bn (£476bn) in 2017…but fell back 11% after that bumper year to $546bn in 2018…Less public money for low-carbon transport and lower private-sector investment in renewable energy were the causes of the drop [according to a new report. But] the average investment for 2017 and 2018 was 25% higher than for the period 2015 and 2016…[The study] found that investment at least more than three times as high as current levels would be needed annually until 2050 to clean up the world’s energy generation systems…[A]dapting to the impacts of climate breakdown is likely to cost more than $180bn a year from 2020…
…[Only $30bn a year was spent on adaptation] in the last two years, an increase of about a third on 2015 and 2016 levels…[The good news is that the drop-offs were largely because] money spent on renewable energy and low-carbon transport now went much further in cutting emissions, as the costs of such technology had dropped rapidly…Investment in cutting emissions in developing countries was $356bn in 2017-18, compared with $270bn for the previous two-year period. More than half of climate finance globally comes from the private sector…” click here for more
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