The Global Climate Dilemma
Discussions around 1.5°C threshold temperature, global warming, and climate events have dominated news headlines in the last decade. The urgency and severity of these issues are undeniable, yet global emissions have surged due to intensified economic activities over the last three decades.
According to the National Aeronautics and Space Administration (NASA), the Earth has already undergone a temperature rise of 0.89°C from pre1900 levels until 2022, leaving a very small scope before we face irreversible consequences.
The challenge is not macroeconomic in nature. The global annual savings at the end of 2021 were about USD27.30 trillion, which is about 4-5 times higher than the funds required to fight climate change. While most of these savings are in developed countries, the requirement of funds is in developing countries because they are the ones who will grow at a much higher rate and their carbon intensity of the gross domestic product (GDP) will be higher going forward. For encouraging sustainable development, capital flow needs to happen from Global North to Global South.
Figure 1 Funds required for climate finance versus global savings Sources World Bank, Energy Transitions Commission (ETC)
Traditionally, climate finance has been perceived as a public sector endeavour on a global scale. Globally, a diverse class of investors are eager to contribute towards the war against global warming, but they require credible local platforms to effectively channelize funds. India's ambitious plans, however, faced limitations due to the insufficient capacity of such institutions to match the agility, innovation, and profound understanding required. A significant void existed in sector understanding, hindering the flow of channelled capital into the sector.
This story is from the February 2024 edition of TerraGreen.
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This story is from the February 2024 edition of TerraGreen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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