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.
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.”