Financing a 1.5 ° C world
If humanity does not limit global warming to 1.5 ° C, 100 million people could be thrown into poverty. On the other hand, getting sustainability right will not only safeguard humanity’s future, but create 67 million extra jobs, the Intergovernmental Panel on Climate Change (IPCC) report has said. The report also asks for enormous multi-sector investments to achieve a 1.5 ° C world. These investment demands, which range in the trillions, create a considerable gap, considering that global climate finance investments are still in the multi-billion-dollar range, said Preety M Bhandari, Director, Climate Change and Disaster Risk Management Division, Sustainable Development and Climate Change Department, Asian Development Bank. Such numbers, she said, will necessitate private sector funding mobilisation, which in turns needs an enabling environment from governments. She was addressing the final plenary of the World Sustainable Development Summit 2019, titled ‘Innovations in Climate Finance to Achieve Scale, Speed and Impact’.