Advertisement
Contemporary society
Monday, July 4, 2022
No Result
View All Result
  • Latest news
  • Finances
  • Fashion
  • Opinion
  • Culture
  • Food
  • Commodities
  • Op-ed
  • Contact us
  • Latest news
  • Finances
  • Fashion
  • Opinion
  • Culture
  • Food
  • Commodities
  • Op-ed
  • Contact us
No Result
View All Result
Contemporary Society
No Result
View All Result
Home Commodities

U.N. report ignites fight for funds to build climate defences By Reuters

Contemporary Society by Contemporary Society
August 10, 2021
in Commodities
0
Peru socialist Castillo confirmed president after lengthy battle over results By Reuters

© Reuters. FILE PHOTO: Smoke billows over the hills to the north of a Red Cross disaster shelter as the Bootleg Fire expands to over 210,000 acres. Klamath Falls, Oregon, U.S., July 14, 2021. REUTERS/Mathieu Lewis-Rolland/File Photo

By Kate Abnett, Valerie Volcovici and Kanupriya Kapoor

(Reuters) – The United Nations climate panel’s report on Monday alerted wealthy nations to a lesson many of the world’s most vulnerable countries have already learnt through bitter experience: they must adapt quickly to a world with more extreme weather.

The report by the Intergovernmental Panel on Climate Change made clear the planet will get warmer for at least the next few decades, and seas will rise for centuries – trends that have already triggered weather disasters across the globe.

“The fact that some changes are going to continue to play out for a long, long time, underscores the importance of paying much more attention to making communities more resilient,” Jane Lubchenco, deputy climate director at the White House Office of Science and Technology Policy, told Reuters.

As rich nations strain to curb their climate-warming emissions, experts say they will need to prepare for higher sea levels, which can turn storm surges into floods.

Societies will also need to ready for heat waves by creating public health infrastructure to cope with those who become ill, while regions must rethink urban planning and development to steer communities away from high-risk zones, such as wildfire spots.

In developing countries alone, the U.N. has said this will take up to $300 billion in adaptation investments per year by 2030, although other estimates run far higher. Few countries around the world have begun.

“Adaptation and resilience in general is underfunded nearly everywhere,” said climate scientist Bill Hare, who leads the non-profit Climate Analytics. Developed countries did not pay enough attention to the problem and developing countries did not have the money to spend, he said.

Development bank funding tells a similar story. Out of seven large development banks, only the African Development Bank in 2019 spent more to help societies adapt to already unavoidable climate change than on efforts to curb emissions, data from the banks showed.

The European Investment Bank spent just 11% of its climate finance for poorer countries on adaptation that year.

‘THIS IS WHAT WE’VE BEEN FIGHTING FOR’

Hours after the report’s release on Monday, the U.S. government said it would spend $5 billion to help states and communities to prepare for climate disasters, for example, by strengthening power grids or water systems.

Even if global emissions are reduced quickly, the IPCC said average global temperature would rise 1.5 Celsius (2.7°Fahrenheit) above the preindustrial average over the next two decades. The world has already seen 1.1 C of that warming – enough to trigger today’s weather extremes.

“The IPCC pointed out how far behind we are in adapting to the impacts that are already unavoidable,” former U.N. climate chief Christiana Figueres said.

“Developing countries – and the most vulnerable populations in all countries – have already been knocked over the head by the adaptation challenge,” she said.

Developing countries tend to be the most vulnerable to costly climate impacts, and the least resourced to deal with them. For years, they have been struggling to secure the $100 billion a year pledged by rich nations toward helping them prepare for climate disruptions.

The money that has arrived, so far, has focused on emissions reduction rather than adaptation. Of the $78.9 billion in climate finance transferred by rich countries in 2018, only 21% was spent on adaptation, OECD data shows.

The IPCC report is likely to spur demands for more financing at a major U.N. climate conference in Glasgow, Scotland, in November. A failure to deliver could irk the developing world and frustrate talks on other global deals to safeguard the planet.

“This is what we’ve been fighting for, for a long time,” said James Michel, former president of the Seychelles islands. “We are not warming the planet … but then we are at the receiving end.”

Around 90% of the Seychelles’ population lives on the narrow coastal plateaus of the Indian Ocean nation’s main islands. Building houses further inland and improving flood defences is an expense the country cannot finance alone, Michel said.

Some especially vulnerable nations moved early to adapt.

Cyclone-prone Bangladesh has built more than 12,000 cyclone shelters along its coastline since 1970 – one of multiple adaptation investments that experts say have drastically reduced storm-related deaths.

“We have drills on what to do in a cyclone, what to do when a flood comes,” said Saleemul Huq, chair of the expert advisory group of the Climate Vulnerable Forum of 48 countries.

Not preparing means disasters can be costly, as many wealthy nations have seen. As of July 9, the United States had faced eight weather or climate-related disasters in 2021 with losses exceeding $1 billion each, government data shows.

This week’s IPCC report focused on physical climate impacts, but next year the panel will release another comprehensive assessment of how countries can deal with climate impacts.

“Good adaptation policy is well known. You just have to be better prepared for these kinds of events, and every country is going to have to be better prepared,” Huq said.

Related Posts

Peru socialist Castillo confirmed president after lengthy battle over results By Reuters

LME nickel slides as technical glitches hit trading again By Reuters

March 17, 2022
Oil surges after IEA warns of shortfall in supply By Reuters

Oil surges after IEA warns of shortfall in supply By Reuters

March 17, 2022

Harbour Energy’s post-merger cashflow rises to $678 million By Reuters

March 17, 2022

Oil Edges Higher After Three-Day Slide as Volatility Continues By Bloomberg

March 17, 2022

Europe seeks breakthrough on climate change plans amid energy crisis By Reuters

March 17, 2022

UK says Johnson agreed with Saudi Arabia to work on stable energy markets By Reuters

March 16, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest News

Finances

Former Tesla engineer-designed battery at Bengaluru startup gets European order

July 4, 2022
Finances

JLR sales improved in Q4 but remain constrained by semiconductor shortage

July 4, 2022
Finances

Sebi comes out with comprehensive risk management framework for electronic gold receipts

July 4, 2022
Finances

India Inc’s deal activity rises in March quarter: Report

July 4, 2022
  • Copyright
  • Privacy Policy
No Result
View All Result
  • Latest news
  • Finances
  • Fashion
  • Opinion
  • Culture
  • Food
  • Commodities
  • Op-ed
  • Contact us

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT