Climate change: It's all about money - Business Standard
Climate change: It's all about money
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of
It is abundantly clear that the world is being battered by extreme weather events because of climate change. It is also equally clear that the burden of these devastations is disproportionate — they hit the poor in the poorest countries the hardest. Climate finance is not just payment or reparations needed to mitigate and adapt to these disproportionate impacts of climate change. It is also about providing finance for the transition that these countries still need to develop.
They need to develop differently so that they can grow without adding as much to the stock of emissions that will further jeopardise
www.business-standard.com or the Business Standard newspaper
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”