US$ 36 bn annual funding can meet climate challenge: Report
At a time when extreme weather events are increasingly frequent – and costly – cash-strapped governments are seeking new solutions to address climate change.
This investment could help stabilize global temperatures and would cost less than the US$ 50 billion recently approved by the United States Congress for rebuilding after Hurricane Sandy.
According to a new report launched on Monday in Davos – The Green Investment Report: The Ways and Means to Unlock Private Finance for Green Growth – if the public sector increased its annual investment in addressing climate change by only $36 billion, up from a current spending level of US$ 96 billion, it could mobilize up to US$ 570 billion in private capital.
Climate change is already causing 5 million deaths a year and is costing the global economy more than US$ 1.2 trillion (or 1.6% in annual global GDP), according to the Climate Vulnerable Forum.