Fix 'obsolete' climate funding or risk disaster, warns UN fund chief
Notable because
The developing world needs investments of USD 2.4 trillion annually by 2030 to build climate-related infrastructure. Of these investments, more than half would need to come from developed economies, which today are contributing far below the promised USD 100 billion. In this scenario, the role of multilaterals with improved products, essentially grants and improved speed of deployment, would be critical for the finance to flow into economies like India.
What to look out for in the months ahead
Will the diversion of funds from developed economies to meet global climate objectives happen? Can the scale of ambition of countries such as India, which alone needs ~USD 527 billion just for its power sector by 2030, be attractive to overseas investors? How the multilaterals would respond to solve this investment challenge, provide support in increasing the capital flow, and aid in de-risking investments remains to be seen.