More aggressive global investment is the missing ingredient if countries and businesses are to avoid a “crippling burden on the world economy” from the demands of climate change adaptation, United Nations Environment Programme Executive Director Achim Steiner tells Eco-Business.
“Even though governments have pledged more than US$10 billion of finance to help developing countries cope with climate change, more than 10 times this amount will be required in the next five years,” Shah writes.
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Steiner said he hoped to see “more of the proactive political leadership that resulted in the U.S.-China deal and the EU emissions reduction pledge” in the lead-up to the UN climate conference in Paris.
“What is needed now is strong political leadership that can frame a broad agreement on how developing and developed nations can work together to mitigate climate change,” he said. “This, along with corporations supporting the goal of a deal in Paris, will be a critical necessity over the next 11 months.”
