GREEN FINANCE: Global climate finance reached $1.5 trn in 2022, must rise fivefold

Global investment in combating and adapting to climate change reached nearly $1.5 trillion, doubling between 2018 and 2022, but it must increase at least fivefold by 2030 to limit warming to 1.5 degrees Celsius, according to a new study.

The “Global Landscape of Climate Finance 2024: Insights for COP29” report, published by global think tank Climate Policy Initiative (CPI), said climate finance currently represents only 1 per cent of global GDP, far short of the required level.

Emerging markets and developing economies (EMDEs) may need around 6.5 per cent of their GDP by 2030 to meet climate goals.

“While global climate finance has made some strides, a much more ambitious, cohesive, and effective approach is essential to address the vast funding gap,” said Barbara Buchner, CPI”s Global Managing Director.

“The data from CPI’s Global Landscape report leaves no doubt that investment needs to scale across all fronts — domestically, internationally, and across sectors — to reach our mutual climate goals. COP29 is an opportunity to establish clear, collaborative commitments to finance the transformation needed for a sustainable future.” Annual climate finance flows rose from $ 674 billion in 2018 to $ 1.459 trillion in 2022. However, a fivefold increase is still needed to reach the $ 7.4 trillion required annually through 2030 to limit warming to 1.5 degrees Celsius, the report said.

Alarmingly, fossil fuel investments continued to rise globally throughout 2023 and 2024, surpassing $ 1 trillion despite global commitments to reduce fossil fuel investments. Subsidies for fossil fuel consumption in emerging economies increased fivefold during the same period, it noted.

At the UN climate conference in the UAE in 2023, countries reached a historic agreement to transition away from fossil fuels.

18 June 2024

ST KITTS: St Kitts and Nevis Government Strengthens the Citizenship by Investment Programme Through Introduction of a New Act

The National Assembly successfully passed the Citizenship by Investment Unit Act, 2024 in a landmark sitting of the National Assembly on Friday, 14 June. The Citizenship by Investment Unit Act, 2024

Read More
14 May 2024

IRELAND: Central Bank of Ireland Expands Anti-Money Laundering Regime

Cryptocurrency companies in the Republic of Ireland will have to comply with anti-money laundering rules, the country’s central bank has warned. Cryptocurrency traders in Ireland will no longer be

Read More
19 April 2024

FINTECH: Crypto exchange Binance helped Iranian firms trade $8 billion despite sanctions

Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite U.S. sanctions intended to cut Iran off from the global financial system, blockchain data show.

Read More
6 March 2024

IRELAND: Ireland told to shore up corporate tax laws to prevent wealthy from committing tax fraud and evasion

UN’s top human rights watchdog says measures ‘must be strengthened’ so loopholes cannot be exploited to hide profits. The UN’s most senior human rights watchdog has told Ireland to shore up

Read More