“But achieving the $100 billion target alone would not be enough to contain rising global temperatures and cope with the effects of climate change. Instead, the world's financial systems need to reflect the costs of climate inaction. That means companies, banks, investors, and other players will need to reduce investments in high emission activities while boosting funding for climate-friendly goods, services, and infrastructure. The $100 billion is essential as a trust-building issue, and the president's announcement was hugely helpful in that regard. At the same time, it will never be enough to affect the transformation that the Paris Agreement requires-which needs trillions in investment, not billions.”
21 Sep 2021
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