New efforts needed to invest in climate action

Recent data from the United Nations Environment Programme estimates that current climate-adaptation costs in the developing world stand at $70 billion a year and could increase to as much as $300 billion a year by 2030 without urgent action. For every dollar invested now in climate-resilient infrastructure, $6 can be saved, writes Selwin Hart, the UN Assistant Secretary-General for Climate Action, in a new op-ed.

However, the fight against COVID-19 has brought many national budgets to a breaking point, with limited means to invest in climate. For example, The Financing for Sustainable Development Report 2021 released by UN DESA, says that around half of least-developed and other low-income countries were at high risk of or in debt distress before COVID-19, and, with falling tax revenues, the pandemic has sent debt levels soaring and the fulfillment of the Sustainable Development Goals (SDGs) in jeopardy.

To avert the worst outcomes, governments should provide liquidity and debt relief support so developing countries can fight COVID-19 and its economic and social fallout. As part of their rebuilding efforts, both the public and private sectors must invest in human capital, social protection, and sustainable infrastructure and technology—which will make the world more resilient to future shocks.

To support the UN’s push for more urgent global climate investment, UN DESA will host a Global Policy Dialogue on Financing global climate action and promoting digital solutions on 30 June from 8:30 to 10 am EDT. Statisticians, policymakers, and climate and sustainable development practitioners will discuss the best approaches for ensuring that climate financing measures are included in rebuilding efforts, and that they are inclusive and help the most vulnerable. In particular, attention will be paid to digital solutions for climate adaptation and mitigation.

The event will be broadcast live on UN DESA’s Facebook page. Stay up-to-date on upcoming events by browsing this page.