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carbon, climate-resilient projects is
needed by 2030 to combat climate
change. To get there, global green
finance needs to reach at least $1
trillion annually by the end of
5
2020 and grow each year during
the new decade.
In international climate
negotiations, climate finance is a
key issue. Developed countries are
expected to mobilize $100 billion
annually by 2020 (which is just a tenth
6
of the $1 trillion figure). However,
getting to even $100 billion is not easy
– climate finance reached $56.7 billion
by the end of 2017 , still woefully
7
short of the goal. While public climate
finance from developed to developing
countries is important from equity and
justice perspective, it is never going
8
to be enough to match the scale of needs to prepare for severe is more direct on power generation
11
15
investment required. disruptions as a result of climate and distribution infrastructure. For
But the world has enough financial change. The world needs to invest $3.7 example, without carbon mitigation
12
resources. Just the top 400 asset trillion in infrastructure annually actions, US power generation costs
managers manage about $75 trillion to meet its development needs. What are expected to increase by 14 per cent
9
16
in global assets between them. What is needed to make these investments by 2050 due to rising temperatures.
is needed, clearly, is the alignment climate risk compatible? That, in the In a hot country like India, the
of global capital flows with the words of Masamichi Kono, Deputy sheer increase in cooling demand
underlying climate risks. Secretary-General, Organisation can put the entire electricity grid
Infrastructure investments illustrate for Economic Co-operation and under tremendous strain. Bloomberg
the point rather well. Climate risk Development (OECD), is a trillion estimates that 24 per cent of all
to infrastructure is already evident. dollar question. 13 electricity used in India by 2050 would
Flights, across the world, have One way is to choose renewable be just for air conditioning. 17
been grounded because of very energy over fossil fuels, thus avoiding Mainstreaming of climate finance
10
hot weather. The International Civil the risk of stranded assets down has major implications for India. India
14
Aviation Organization (ICAO) has the line as renewables are becoming is the third largest GHG emitter, after
warned that the aviation industry cheaper (even before accounting China and the USA, and is also home
for the health and environmental to hundreds of millions of people
5 Retrieved from https://www.climatebonds. costs). Infrastructure planning also vulnerable to adverse effects of
net/resources/reports/bonds-and-climate- needs to factor in climate risks such climate change.
change-state-market-2018; last accessed on
October 7, 2019. as the impact of sea-level rise and Here are some key strategies India
6 Retrieved from https://www.nrdc.org/ extreme weather events. The impact can adopt to position itself as a reliable
experts/han-chen/paris-agreement-rulebook- of drought, extreme heat, and storms and attractive market for climate-smart
tracking-financial-flows; last accessed on
October 7, 2019. investments:
7 Retrieved from http://www.oecd.org/ 11 Retrieved from https://unfccc.int/index.php/ Build credibility with investors
newsroom/public-climate-finance-to- news/aviation-industry-needs-to-green-
developing-countries-is-rising.htm; last operations-and-prepare-for-climate-impacts- so that they have confidence
accessed on October 7, 2019. icao-report; last accessed on October 7, 2019.
8 Retrieved from https://unfccc.int/topics/ 12 Retrieved from http://www.sefifrance.
climate-finance/the-big-picture/introduction- fr/images/documents/mgi_bridging_ 15 Retrieved from https://royalsocietypublishing.
to-climate-finance; last accessed on October 7, infrastructure_gaps_10_2017.pdf; last org/doi/full/10.1098/rsta.2017.0298; last
2019. accessed on October 7, 2019. accessed on October 7, 2019.
9 Retrieved from https://www.ipe.com/top-400/ 13 Retrieved from https://www.responsible- 16 Retrieved from https://www.sciencedirect.
total-global-aum-table-2018/10007066.article; investor.com/home/article/oecd_op/P0/; last com/science/article/pii/S0301421514002675;
last accessed on October 7, 2019. accessed on October 7, 2019. last accessed on October 7, 2019.
10 Retrieved from https://www.bbc.com/news/ 14 Retrieved from http://www.lse.ac.uk/ 17 Retrieved from https://about.bnef.com/new-
world-us-canada-40339730; last accessed on GranthamInstitute/faqs/what-are-stranded- energy-outlook/#toc-download; last accessed
October 7, 2019. assets/; last accessed on October 7, 2019. on October 7, 2019. DECEMBER 2019
| 169 |
needed by 2030 to combat climate
change. To get there, global green
finance needs to reach at least $1
trillion annually by the end of
5
2020 and grow each year during
the new decade.
In international climate
negotiations, climate finance is a
key issue. Developed countries are
expected to mobilize $100 billion
annually by 2020 (which is just a tenth
6
of the $1 trillion figure). However,
getting to even $100 billion is not easy
– climate finance reached $56.7 billion
by the end of 2017 , still woefully
7
short of the goal. While public climate
finance from developed to developing
countries is important from equity and
justice perspective, it is never going
8
to be enough to match the scale of needs to prepare for severe is more direct on power generation
11
15
investment required. disruptions as a result of climate and distribution infrastructure. For
But the world has enough financial change. The world needs to invest $3.7 example, without carbon mitigation
12
resources. Just the top 400 asset trillion in infrastructure annually actions, US power generation costs
managers manage about $75 trillion to meet its development needs. What are expected to increase by 14 per cent
9
16
in global assets between them. What is needed to make these investments by 2050 due to rising temperatures.
is needed, clearly, is the alignment climate risk compatible? That, in the In a hot country like India, the
of global capital flows with the words of Masamichi Kono, Deputy sheer increase in cooling demand
underlying climate risks. Secretary-General, Organisation can put the entire electricity grid
Infrastructure investments illustrate for Economic Co-operation and under tremendous strain. Bloomberg
the point rather well. Climate risk Development (OECD), is a trillion estimates that 24 per cent of all
to infrastructure is already evident. dollar question. 13 electricity used in India by 2050 would
Flights, across the world, have One way is to choose renewable be just for air conditioning. 17
been grounded because of very energy over fossil fuels, thus avoiding Mainstreaming of climate finance
10
hot weather. The International Civil the risk of stranded assets down has major implications for India. India
14
Aviation Organization (ICAO) has the line as renewables are becoming is the third largest GHG emitter, after
warned that the aviation industry cheaper (even before accounting China and the USA, and is also home
for the health and environmental to hundreds of millions of people
5 Retrieved from https://www.climatebonds. costs). Infrastructure planning also vulnerable to adverse effects of
net/resources/reports/bonds-and-climate- needs to factor in climate risks such climate change.
change-state-market-2018; last accessed on
October 7, 2019. as the impact of sea-level rise and Here are some key strategies India
6 Retrieved from https://www.nrdc.org/ extreme weather events. The impact can adopt to position itself as a reliable
experts/han-chen/paris-agreement-rulebook- of drought, extreme heat, and storms and attractive market for climate-smart
tracking-financial-flows; last accessed on
October 7, 2019. investments:
7 Retrieved from http://www.oecd.org/ 11 Retrieved from https://unfccc.int/index.php/ Build credibility with investors
newsroom/public-climate-finance-to- news/aviation-industry-needs-to-green-
developing-countries-is-rising.htm; last operations-and-prepare-for-climate-impacts- so that they have confidence
accessed on October 7, 2019. icao-report; last accessed on October 7, 2019.
8 Retrieved from https://unfccc.int/topics/ 12 Retrieved from http://www.sefifrance.
climate-finance/the-big-picture/introduction- fr/images/documents/mgi_bridging_ 15 Retrieved from https://royalsocietypublishing.
to-climate-finance; last accessed on October 7, infrastructure_gaps_10_2017.pdf; last org/doi/full/10.1098/rsta.2017.0298; last
2019. accessed on October 7, 2019. accessed on October 7, 2019.
9 Retrieved from https://www.ipe.com/top-400/ 13 Retrieved from https://www.responsible- 16 Retrieved from https://www.sciencedirect.
total-global-aum-table-2018/10007066.article; investor.com/home/article/oecd_op/P0/; last com/science/article/pii/S0301421514002675;
last accessed on October 7, 2019. accessed on October 7, 2019. last accessed on October 7, 2019.
10 Retrieved from https://www.bbc.com/news/ 14 Retrieved from http://www.lse.ac.uk/ 17 Retrieved from https://about.bnef.com/new-
world-us-canada-40339730; last accessed on GranthamInstitute/faqs/what-are-stranded- energy-outlook/#toc-download; last accessed
October 7, 2019. assets/; last accessed on October 7, 2019. on October 7, 2019. DECEMBER 2019
| 169 |
