Why does the CAG believe that annual global climate-finance needs to exceed $10 trillion by 2050
The Comptroller and Auditor General (CAG) has stated that there is a requirement for global climate-finance to surpass $10 trillion annually by the year 2050.
- Increasing climate-finance needs: The CAG believes that the cost of adapting to and mitigating climate change will rise significantly in the coming decades due to the escalating impacts of global warming.
- Addressing climate emergencies: To combat climate emergencies such as extreme weather events, rising sea levels, and biodiversity loss, substantial financial resources are essential.
- Accelerating transition to renewable energy: Transitioning to renewable energy sources requires significant investments in infrastructure, technology, and innovation, which necessitates substantial funding.
- Supporting developing countries: Developing nations often lack the resources to tackle climate change effectively, making it crucial for global climate-finance to exceed $10 trillion to assist these vulnerable regions.
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