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More Climate Finance is Urgently Needed

April 11, 2024

There has been a lot of talk and some strongly worded pieces published recently about climate finance. A new Guardian article claims that the World Bank, “must take a quantum leap to provide new finance to tackle climate change or face climate-driven economic catastrophe.” They have said, “there is no room now for half measures […] averting climate-driven economic catastrophe is core business.”

Corporate Knights have highlighted important findings, including a 30% shortfall on what the Canadian federal government has committed to spending on climate and what it has actually invested over the last decade. Based on their research, $126 billion per year will be required (between public and private investment) to meet Canada’s 2030 GHG emission targets.

The IPCC has indicated that the 1.5C goal is still possible, but to get there some say will require “a mobilization of capital the likes of which has not been seen since the Second World War.” For the Guardian article, click here! For the Corporate Knights article, click here! #climatefinance #ndcs #emissionreductions

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