Global investment in cutting greenhouse gases fell by 11% in 2018
Source: The Guardian
Global investment in cutting greenhouse gases fell by 11% in 2018
Climate mitigation effort ‘cancelled out’ by outlay on fossil fuels finds CPI
Fiona Harvey Environment correspondent
Thu 7 Nov 2019 00.01 GMT
Last modified on Thu 7 Nov 2019 00.03 GMT
Investment in greenhouse gas emission reduction fell last year despite the growing urgency of the climate crisis, and the benefits of outlays were cancelled out by investments globally in fossil fuels and other dirty industries, finds a report by the Climate Policy Initiative.
Global climate finance hit a record high of $612bn (£476bn) in 2017, according to CPI advisers, but fell back 11% after that bumper year to $546bn in 2018.
Less public money for low-carbon transport and lower private-sector investment in renewable energy were the causes of the drop. However, the average investment for 2017 and 2018 was 25% higher than for the period 2015 and 2016.
“Given the urgency of the climate challenge it is a positive sign that we have passed the half trillion dollar mark of investment towards climate change activities,” said Barbara Buchner, executive director of climate finance at CPI, which published its assessment on Thursday.
The study, entitled Global Landscape of Climate Finance 2019, found that investment at least more than three times as high as current levels would be needed annually until 2050 to clean up the world’s energy generation systems.
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Read more: https://www.theguardian.com/environment/2019/nov/07/global-investment-in-cutting-greenhouse-gases-fell-by-11-in-2018
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Related: Study: Annual money for climate action surpasses the half-trillion dollar mark, but economy-wide change needed (Climate Policy Institute)
