Climate financing refers to local, national, or international financial assistance for the necessary activities to address climate change. Everything from national policy-making to the grassroots adjustments that tangibly improve people’s lives and well-being in the face of climate change is impacted by it. And the funding may either come from private or public sources.
Climate financing is required to both mitigate climate change and aid people and economies in adapting to the increasingly unavoidable changes. But it seems like one side is getting a lot of attention instead of it being 50-50, and just like Shraddha put it, mitigation and adaptation are two sides of a coin.
Adaptation without plans for mitigation is an imbalanced response to climate change. We need climate finance to be holistic and equal, not leaving anyone behind.
To aid less developed nations in coping with climate change and preventing additional catastrophes, leaders of richer nations committed to transferring $100 billion annually to them by the year 2020. But that assurance was betrayed.
Nations are unhappy and dissatisfied because it appears that their struggle as well as that of the impacted people aren’t being taken seriously.
Listen to Shraddha, a professional energy strategist and policy consultant talk about Climate finance and loss and damage on episode 2 of the Loss and Damage Finance Podcast.
You can contact Shraddha @yourvoicefortheplanet on Instagram and ShraddhaNair01 on LinkedIn.