By Faridat Salifu
In a year marked by unprecedented high temperatures and extreme weather events, global climate finance has hit an all-time high of $125 billion.
This 25% increase from the $99.7 billion reported in 2022 signals a vital shift in funding towards climate resilience and adaptation efforts.
The announcement comes from the latest Joint Report on Multinational Development Banks’ Climate Finance released recently .
The year 2023 has seen the highest recorded temperatures and an alarming rise in climate-related disasters, claiming 12,000 lives globally, according to international disaster databases. The United States alone faced more than $92.9 billion in damages alongside 492 climate-related fatalities.
This surge in funding follows a significant milestone in 2022, when the world first exceeded the long-sought target of $100 billion per year in climate financing, a goal established during the 2009 climate negotiations.
As nations prepare for COP 29, the upcoming United Nations Climate Change Conference in Azerbaijan this November, discussions are expected to center around a new collective quantified goal (NCGQ) for donor countries.
The NCGQ aims to set a funding target that not only surpasses the previous $100 billion benchmark but also prioritizes the specific needs and concerns of low- and middle-income countries.
As the deadline approaches, experts are still awaiting further details regarding the scope and commitments expected from participating nations.
The record funding increase reflects a growing recognition of the urgent need for climate action, especially in response to the escalating frequency and intensity of climate-induced disasters.
As the world heads toward COP 29, attention will be focused on how these financial commitments translate into tangible support for vulnerable communities worldwide.
In conclusion, as global temperatures continue to rise and disasters become more frequent, the record high in climate finance not only provides a ray of hope but also underscores the necessity for decisive action and equitable financial support in the ongoing fight against climate change.