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A report by the Climate Policy Initiative (CPI), a climate policy initiative, found that despite the growing urgency of the climate crisis, investment to reduce greenhouse gas emissions declined last year, with the benefits of investing to reduce emissions offset by global investment in fossil fuels and other polluting industries
.
According to the CPI, global climate finance reached a record US$612 billion (£476 billion) in 2017, but fell 11% to US$
546 billion in 2018.
Reduced public funding for low-carbon transport and reduced private sector investment in renewable energy are responsible for
this decline.
However, the average investment in 2017 and 2018 was 25%
higher than in 2015 and 2016.
Barbara Buchner, executive director of CPI's Climate Finance, said: "Given the urgency of the climate challenge, this is a positive sign that we have invested more than $500 billion in climate change activities
.
”
The study, titled Global Climate Finance 2019, found that annual investment in clean energy will need to be at least three times higher than current levels by 2050 to complete the transition
to cleaner energy production systems around the world.
On top of that, adapting to the impacts of climate change could cost more than $180 billion
a year starting in 2020.
But it has spent just $30 billion a year over the past two years, an increase of about a third in
2015 and 2016.
"Current investments are not enough, especially as investments in polluting industries continue to effectively offset these efforts to combat climate change, and leaders should focus on a comprehensive economic transformation
," Buchner said.
”
On the positive side, analysts say, spending on renewable energy and low-carbon transport has fallen compared to past years as the cost of low-carbon technologies has fallen
rapidly.
In 2017-18, developing countries invested $356 billion to reduce emissions, compared with $
270 billion in the previous two years.
More than half of the world's climate finance comes from the private sector
.
A report by the Climate Policy Initiative (CPI), a climate policy initiative, found that despite the growing urgency of the climate crisis, investment to reduce greenhouse gas emissions declined last year, with the benefits of investing to reduce emissions offset by global investment in fossil fuels and other polluting industries
.
According to the CPI, global climate finance reached a record US$612 billion (£476 billion) in 2017, but fell 11% to US$
546 billion in 2018.
Reduced public funding for low-carbon transport and reduced private sector investment in renewable energy are responsible for
this decline.
However, the average investment in 2017 and 2018 was 25%
higher than in 2015 and 2016.
Barbara Buchner, executive director of CPI's Climate Finance, said: "Given the urgency of the climate challenge, this is a positive sign that we have invested more than $500 billion in climate change activities
.
”
The study, titled Global Climate Finance 2019, found that annual investment in clean energy will need to be at least three times higher than current levels by 2050 to complete the transition
to cleaner energy production systems around the world.
On top of that, adapting to the impacts of climate change could cost more than $180 billion
a year starting in 2020.
But it has spent just $30 billion a year over the past two years, an increase of about a third in
2015 and 2016.
"Current investments are not enough, especially as investments in polluting industries continue to effectively offset these efforts to combat climate change, and leaders should focus on a comprehensive economic transformation
," Buchner said.
”
On the positive side, analysts say, spending on renewable energy and low-carbon transport has fallen compared to past years as the cost of low-carbon technologies has fallen
rapidly.
In 2017-18, developing countries invested $356 billion to reduce emissions, compared with $
270 billion in the previous two years.
More than half of the world's climate finance comes from the private sector
.
