Climate finance is needed to achieve mitigation goals as large-scale investments are required to significantly reduce emissions. It is equally crucial for adaptation, as significant financial resources are needed to adapt to the adverse impacts of change.
The impacts of climate change are already upon us and are projected to worsen in the medium and long-term. For developing countries, aggregate emissions have now exceeded emissions in developed countries. This is a big threat to the progress of SDGs and will trigger significant losses to countries’ GDP.
