Kamiar Mohaddes, Matthew Agarwala, Matt Burke and Patrycja Klusak wrote an article “Climate finance: it’ll be cheaper in the long run if poorer countries receive it as a matter of urgency” that was published in The Conversation on 5 November 2021.
In the article, the authors argue that:
Climate change will shrink the economies of rich, poor, hot and cold countries alike and will make it more difficult and more expensive to raise the finance needed to decarbonise in the future. The cost of early action is far cheaper than the cost of delayed action.
Estimates of the amount of finance needed to actually decarbonise the global economy range between US$50 trillion and US$90 trillion. With a thousand billions in a trillion, that US$100 billion everyone is referring to is merely a decimal point.
The bottom line is that mobilising climate finance is a win-win for both the developed and developing economies. And in the context of what will really be needed to address climate change, that US$100 billion is really just a distraction.
The article also refers to the EPRG WPs 2120 and 1925
You can read the article here
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