daniel chigunwe
The world’s leading climate finance experts and economists warned that too much money continues to pour into fossil fuels and too little is channelled to clean energy, putting the planet on track to blow past its limit to avoid catastrophic global warming.
In its latest assessment of global efforts to contain climate change, published on Monday, the United Nations Intergovernmental Panel on Climate Change issued a stark alert that the world is on track to warm by more than 3 degrees Celsius, twice the stretch goal of the Paris Agreement.
Finance is both driving the problem and a “critical enabler” in the energy transition, the panel said.
The IPCC findings add more cause for alarm amid signs that the energy transition is backsliding, as some nations scramble for polluting alternatives to Russia’s gas in the wake of its invasion of Ukraine.
The world stands at a tipping point, or “pattern break,” in the status quo, said Edward Mason, director at Generation Investment Management, a green finance firm co-founded by former US Vice President Al Gore, referring to the war in Ukraine. — Bloomberg.
Online Reporter