Funding for cutting down global warming has extended to $650 billion, but 2014 was probably the hottest year, UN officials estimate. Even more worrisome, this budget needs to double in order to prevent the planet from overheating, United Nations agency says.
According to the same source the cash flow from developed to less or under developed nation is a crucial element of an agreement that officials from 190 nations are trying to negotiate this week in the capital of Peru, Lima.
According to data provided by the UN Framework Convention on Climate Change around $40 billion to $175 billion circulated from developed countries to developing ones in 2011 and 2012 in connection to climate projects. This is the biggest cash flow approximation so far by UN in this area.
UN’s report is a considerable contribution to the ongoing debate regarding the need for a change of perspective, for a shift from fossil fuels to the infrastructure necessities required to cope with scientists’ forecasts of extreme weather conditions.
Statements made by UN Officials at a press conference today drew attention on the growing need for increased financing of climate projects.
The data revealed by the agency also comprised information about the advancements undertaken by countries led by the U.S. and the European Union in their commitment to direct $100 billion a year in climate-related aid to developing nations by 2020. These sums were supposed to be raised from both governments and private companies.
However, what parts part the money counted by the UN will add to the $100 billion pledge is rather a political decision for states attending the climate talks.
Nevertheless, The UN warned that there’s “relative uncertainty” in the figures presented due to gaps in the data and dilemmas in agreeing what to count.
According to UN the data covers various climate-related projects including low-carbon forms of energy, power plants, water access and sustainability work.
Critics say $100 billion is not a large enough sum considering that about $90 trillion should go only in infrastructure over the next quarter of a century .
Environmental groups don’t trust UN figures and say they do not reveal real climate protection investments, with many of the funding taken into account actually going to projects that do more harm than good.
Since this year may end as the hottest on record, according to UN’s weather agency, progress so far in climate –related projects doesn’t seem too visible.