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Annual Climate Finance Requirement Estimated To Cross USD 10 Trillion By 2050: CAG Girish Chandra Murmu

Climate financing is key to collective efforts to move towards a more resilient and sustainable future, Comptroller and Auditor General of India Girish Chandra Murmu said

Annual Climate Finance Requirement Estimated To Cross USD 10 Trillion By 2050: CAG Girish Chandra Murmu
The CAG also said that annual climate finance needs are estimated to increase substantially

New Delhi: The annual climate finance requirements are estimated to cross USD 10 trillion by 2050, and failure to meet the funding demands will intensify socio-economic consequences related to climate-linked disasters, Comptroller and Auditor General of India Girish Chandra Murmu on Tuesday (March 19). Climate financing is key to collective efforts to move towards a more resilient and sustainable future, he said while addressing a one-day seminar on Climate Financing here. He said,

As climate change intensifies, so does the urgency for robust climate finance mechanisms to fund adaptation, mitigation, and resilience-building efforts worldwide.

Also Read: 2023 Broke Every Single Climate Indicator: World Meteorological Organization

The CAG further stated that annual climate finance needs are estimated to increase substantially, reaching well beyond USD 10 trillion annually by 2050. Mr Murmu said,

Failing to meet these financial demands will exacerbate the rise in global temperatures, simultaneously intensifying socio-economic consequences of climate-related disasters. Unfortunately, despite the stark cost-benefit analysis, climate finance remains significantly inadequate.

He stressed that the need for immediate action was emphasised by the stark difference between the costs associated with inaction and the potential advantages of making timely investments in low-carbon and climate-resilient pathways.

The CAG said the seminar was a combined effort to unravel the complexities of climate finance and assess its current state through an audit perspective.

The conference served as a platform for a dialogue on climate financing with the sharing of knowledge and experience on various aspects of the theme by experts and enriching discussions, contributing to the success of the conference, an official release added.

Also Read: 2023-24 El Nino Among Five Strongest On Record, Will Continue Fuelling Heat In 2024: WMO

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

NDTV – Dettol have been working towards a clean and healthy India since 2014 via the Banega Swachh India initiative, which in its Season 10 is helmed by Campaign Ambassador Ayushmann Khurrana. The campaign aims to highlight the inter-dependency of humans and the environment, and of humans on one another with the focus on One Health, One Planet, One Future – Leaving No One Behind. It stresses on the need to take care of, and consider, everyone’s health in India – especially vulnerable communities – the LGBTQ populationindigenous people, India’s different tribes, ethnic and linguistic minorities, people with disabilities, migrants, geographically remote populations, gender and sexual minorities. In a world post COVID-19 pandemic, the need for WASH (WaterSanitation and Hygiene) is reaffirmed as handwashing is one of the ways to prevent Coronavirus infection and other diseases. The campaign will continue to raise awareness on the same along with focussing on the importance of nutrition and healthcare for women and children, fight malnutrition, mental well-being, self-care, science and health, adolescent health & gender awareness. Along with the health of people, the campaign has realised the need to also take care of the health of the eco-system. Our environment is fragile due to human activity, which is not only over-exploiting available resources, but also generating immense pollution as a result of using and extracting those resources. The imbalance has also led to immense biodiversity loss that has caused one of the biggest threats to human survival – climate change. It has now been described as a “code red for humanity.” The campaign will continue to cover issues like air pollutionwaste managementplastic banmanual scavenging and sanitation workers and menstrual hygiene. Banega Swasth India will also be taking forward the dream of Swasth Bharat, the campaign feels that only a Swachh or clean India where toilets are used and open defecation free (ODF) status achieved as part of the Swachh Bharat Abhiyan launched by Prime Minister Narendra Modi in 2014, can eradicate diseases like diahorrea and the country can become a Swasth or healthy India.

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