A United Nations agency indicates that green technologies should be classified as public goods and that their access should be affordable.
Adaptation to climate change will cost developing countries $ 300 billion annually by 2030, and if mitigation goals are not met this figure will amount to $ 500 billion in 2050the United Nations warned today.
The current financing represents only a quarter of the 300,000 million planned for 2030, warns a report of the United Nations Conference for Trade and Development (UNCTAD) issued in the face of the Conference on Climate Change that begins tomorrow in Glasgow ( United Kingdom).
“Delivering on the $ 100 billion (€ 86.1 billion) per year pledges for the Green Climate Fund is a must in Glasgow”said UNCTAD Secretary General Rebeca Grynspan, adding that however other commitments are also needed.
“Concerted efforts are needed at the multilateral level to secure the funding that developing countries need to adapt to the increasingly worse impacts of climate change,” he said.
UNCTAD calls for a reform of the financial system for adaptation, which among other points would entail an increase in state aid for development.
“If the G7 countries had met their goal of allocating 0.7% of this aid to development by 2020, they would have had an additional 155,000 million dollars”, analyzes the United Nations report.
It also recommends restructuring and cancellation of the debt of the countries most vulnerable to climate change, more loans from multilateral development banks, and a greater scope of green bond markets, currently very limited due to various regulatory policies.
UNCTAD warns, on the other hand, that the pressures to liberalize the market for products and services related to environmental protection would mainly benefit exporters from developed countries, reducing the fiscal capacities of developing economies.
Specifically, the report foresees that these latter economies could lose 15,000 million dollars (almost 13,000 million euros) annually in revenue from tariffs if this release is achieved.
The United Nations agency stresses at the same time that green technologies should be classified as public goods, and therefore their access should be affordable for all economies. (I)
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