Will COP29 deliver the trillions needed to tackle the man-made climate crisis?
November 16, 2024
With less than a year to go until the next UN climate summit, COP29, there is growing pressure on world leaders to deliver the trillions of dollars needed to tackle the climate crisis.
The summit, which will be held in the United Arab Emirates from November 23-December 7, 2024, is seen as a crucial moment in the fight against climate change.
The world is facing a climate emergency. The average global temperature has already risen by 1.1°C since the pre-industrial era, and it is on track to rise by a further 2.7-3.6°C by the end of the century. This warming is leading to more extreme weather events, such as heatwaves, droughts, floods and storms. It is also causing sea levels to rise, which is threatening coastal communities and infrastructure.
The cost of climate change is already being felt around the world. In 2020, the World Bank estimated that the global economy had lost $2.5 trillion due to climate change. This figure is expected to rise to $5 trillion per year by 2050.
The money needed to tackle the climate crisis is vast. The UN Environment Programme (UNEP) estimates that the world will need to invest $2.5 trillion per year in climate mitigation and adaptation measures by 2030. This figure is expected to rise to $5 trillion per year by 2050.
The vast majority of this money will need to come from the private sector. The public sector can play a role in providing incentives for private investment, but it is ultimately up to the private sector to make the necessary investments.
There are a number of reasons why the private sector should invest in climate change mitigation and adaptation. First, climate change is a major threat to the global economy. If the world does not take action to tackle climate change, it will lead to a decline in economic growth and a loss of jobs. Second, there are a number of profitable opportunities in climate change mitigation and adaptation. For example, there is a growing market for renewable energy and energy efficiency technologies. Third, investing in climate change mitigation and adaptation can help to improve the company’s reputation and attract customers.
The private sector has a key role to play in tackling the climate crisis. However, it is important to remember that the public sector also has a role to play. The public sector can provide incentives for private investment, regulate the financial sector, and invest in public infrastructure.
The climate crisis is the biggest challenge facing humanity today. It is a threat to our health, our environment and our economy. We need to act now to tackle the climate crisis.
Here are some of the key questions that will be discussed at COP29:
- How can we raise the trillions of dollars needed to tackle the climate crisis?
- What role can the private sector play in tackling the climate crisis?
- What role can the public sector play in tackling the climate crisis?
- How can we ensure that the benefits of climate action are shared equitably?
- How can we accelerate the transition to a zero-carbon economy?
The stakes are high at COP29. The world needs to deliver the trillions of dollars needed to tackle the climate crisis. Failure to do so could have devastating consequences for the planet and its people.
Will COP29 deliver the trillions needed to tackle the man-made climate crisis?
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