![]() The G20 – this year under India’s presidency – can play a key role in unlocking additional funding. Second, governments can push for reform of the multilateral financial architecture. Governments should also mobilise private finance by implementing transition policies and creating a sound and stable framework to attract capital flows at the national and global level. In taking up this challenge, there are at least three levers we can use to boost the funding needed for a green and just transition on a global scale.įirst and foremost, it is up to governments to lead the fight against climate change and honour their commitments to financing the transition.ĭeveloped economies must lead by example and honour the USD 100 billion climate pledge made 14 years ago at COP15 in Copenhagen. ECB research shows that in Europe alone, over 70% of our economy is highly dependent on nature’s ecosystem services – a figure that is likely to be much higher in developing economies. This means not only reducing greenhouse gas emissions to net zero and adapting our economies to shield them from climate change, but also tackling the root causes of the severe destruction of nature that is threatening the vital resources we rely on for our survival. The path forward is clear: we must forge ahead with a global transition to ensure our economies are future-proof. More than 90% of those who have perished owing to extreme weather events during the last half-century lived in these countries, where more than 70% of reported disasters occurred. One fact is glaringly evident: developing countries are poised to bear a disproportionate share of the impact. Developing nations are already the hardest hit by the impact of global warming. Not only is this a matter of justice for future generations, it is also undoubtedly a matter of justice and responsibility for today’s. It is everyone’s duty to take every possible step to ensure that the Paris climate goal is reached. ![]() They are inflicting suffering and damage on every continent and serve as a mere glimpse into the future. Record-breaking droughts, heatwaves and floods are already plaguing the world. Today, the window of opportunity to achieve this goal is closing before our eyes: The past eight years have been the warmest on record worldwide and the critical 1.5 C threshold for annual temperatures will likely be exceeded in at least one year before 2027. ![]() I am truly honoured to be with you here today at this important summit to address the most pressing issue of our time.Įight years ago in Paris, UN Secretary-General Ban Ki-moon opened the COP21 by stating that “Paris must mark a turning point ” towards limiting global warming to 1.5 ☌elsius. ![]() Speech by Christine Lagarde, President of the ECB, at the Summit for a new global financing pact in Paris ![]()
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