G20 panel says additional $3 trln needed by 2030 towards climate ... - Reuters
G20 panel says additional $3 trln needed by 2030 towards climate action | Reuters
G20 panel says additional $3 trln needed by 2030 towards climate action
GANDHINAGAR, India, July 18 (Reuters) - Additional spending of around $3 trillion each year by 2030 would be required towards incremental investments in climate action and for meeting other sustainable development goals, a G20 panel said in a report, reviewed by Reuters, on Tuesday.
The independent panel, headed by economists Lawrence Summers and N.K. Singh, was commissioned by the Group of 20 nations to propose reforms for multilateral development banks with a focus on increasing funding for sustainable developments goals and climate change, among others.
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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Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”