The world is awash with money, yet spending nowhere near enough to prevent extreme climate change. As time runs out, urgent policy intervention is needed to make finance flow, the Intergovernmental Panel on Climate Change's latest report says.
Such policy could include ending fossil fuels subsidies, tax breaks for clean power or energy-efficient buildings, or underwriting the development of low-carbon projects and technologies.
Climate investment averaged across the globe would need to increase by up to six times from the roughly $640 billion spent in 2020, it said. Governments would also need to move faster to implement climate policies at home and to deliver climate support to vulnerable countries. While policy can be an effective way to drive more financing, other obstacles should also be addressed. Poor understanding of climate risk, for example, has held some financial institutions back from investing more.
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