Investors Offer a Solution for the ClimateVulnerable Poor Countries
According to Bloomberg News, a “powerful temptation” that is doing the rounds is a belief that with the help of financial wizardry, the problem of global warming can be solved. Not much is being incurred on the green projects and the available funds are not being used for the developing nations that require them most. This is one reason why it is a topic of hot discussion at the COP26 meet at the Glasgow Summit to speak about the concept of “blended finance“, the idea wherein a little public money can be made use of for the mobilization of a larger amount of private money like sources from pension funds and asset owners. By the utilization of the right kind of instruments or tools, it is thought that the world will get decarbonized quite fast so that the worst impacts of climate change can be kept at bay, reports Bloomberg News. However, the reality is not that. As per research from Overseas Development Institute, in countries with low income, every dollar that is lent by the major multilateral development banks can mobilize around 37 cents of the private money. The track record is worrying wherein the International Energy Agency and the UN Intergovernmental Panel on Climate Change assess that at least $1 trillion per year is required to
attain the goal of the Paris Agreement that states that the temperatures must be prevented from rising 1.5 degrees Celsius from the pre-industrial levels.
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