Money for carbon neutrality

The summer season represents an additional important opportunity to address the issue of climate change, as it is the season during which we are more and more aware of the phenomenon of warming unlike previous summers years ago. Each of us has his own memory and youth, which enables him to notice the difference, especially since it is the rise in temperature that in turn has caused a number of climate changes, such as drought and water scarcity, which are changes that affect the degree of environmental disaster.

We believe that talking about climate change should be a constant and ongoing talk in scientific meetings and in the media, because it is related to human life and related to dangers such as deepening the vulnerability of the poor and the threat to life as a result. of fires, floods and earthquakes.
Of course, the simple definition of what is called climate change bears responsibility and places the accusation or crime on man, given that his activities are the cause of life-threatening and harmful climate change.

On the other hand, today’s serious approach to this issue does not neglect the issue of financing activities that will limit climate change. The issue is very financial. Therefore, the issue of mobilizing financial resources has kept the global climate conferences busy, reflecting the belief that spending and helping the countries of the world resist change because any default will be the victim of the whole world, and the climate does not recognize the geographical division of countries.

Climate finance is about the financial resources to be spent on a set of activities that will help slow down climate change and help the world achieve its global warming goal.

To achieve this goal, global greenhouse gas emissions must be reduced to virtually zero by 2050. Initiatives that need to be funded to reach net zero include those that reduce greenhouse gas emissions, as well as those that promote or protect natural solutions that trap those gases, such as forests and oceans.
Climate finance also aims to build the resilience of the population most affected by climate change and help them adapt to changing climatic conditions, which in turn will help reduce global warming.

The world still faces three imperatives in dealing with the climate crisis; First, to achieve carbon neutrality (zero greenhouse gas emissions) over the next 30 years. Second, the relevance of international funding for the Paris Agreement, the world’s climate action plan.

Thirdly, significant progress is being made in adapting to climate change to protect the world, especially vulnerable social groups and countries most affected by the effects of climate change.

In fact, climate action requires large financial investments, such as in energy-efficient technologies and renewable energy, and in infrastructure that is resilient to the effects of climate change. In particular, climate onaction is more expensive than investing in resilience.

But the problem is that many developing countries do not have the resources and technology to achieve these goals. For this reason, the international community has agreed that the industrialized countries that enjoy technological priority and resources in terms of knowledge, money, expertise and capabilities for scientific research and technological innovation, must fulfill their obligations by financing climate action in developing countries, especially the the poorest and most vulnerable, and strengthening international cooperation to address climate change. As we know, the poorest countries and the most special groups are on the rise, especially with the repercussions of the “Covid-19” pandemic.

In this context, developed countries have committed themselves since 2009 to allocating $ 100 billion annually with the aim of financing the fight against climate change for the benefit of developing countries by 2020.

But those who follow the reality of climate change mitigation programs in the world today see a big difference between the international discourse and the reality of mobilizing financial resources for countries that need funding to implement the green economy policy, which means that the efforts by developed countries did not reach the required level in mobilizing funds to address the changes Climate financing in developing countries, as the level of climate financing by developed countries in 2019 did not exceed $ 79.6 billion.

Those interested in climate issues are wondering about the extent of commitment to the amounts raised in the final document of the Addis Ababa Conference on Financing for Development, held in 2015 in preparation for the New York Summit on the 2030 Agenda for sustainable development, which was approved in 2015 by the Paris Climate Agreement.

Climate finance translates governments’ determination to achieve zero emissions with policies, plans and targets with specific time frames, which ensures transparency and increases business confidence in driving carbon-neutral investment.

The idea that is worth promoting and defending is that the money we do not spend today to fight climate change and resist it will pay many times more tomorrow in money, lives and pain.

* Quoted from the newspaper Asharq Al-Awsat.

Notice:
All published articles represent only the opinion of its authors.

Leave a Comment