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Public funding to support climate action is increasing, but it is still far too low to enable an adequate response to climate change. Total pledges to the Green Climate Fund, the biggest economic effort for climate response ever undertaken, now exceed US$10 billion. It is estimated that an extra US$150 billion a year is needed to tackle adaptation globally, while an additional US$350 billion a year is needed for mitigation.
In this audio interview, Barbara Buchner, senior director of think-tank the Climate Policy Initiative, flags up some of the challenges that are holding back climate finance, such as a lack of data to measure emissions, assess adaptation projects and create a baseline to plan more-effective investments.
Although acknowledging that the situation is dire, she believes that involving the private sector could be key to successfully scaling up the world’s response to climate change.