The crucial topic of delivering climate finance in 2020 and beyond was the focus of an event held on day 4 of June Momentum for Climate Change – one of a series of events that demonstrate the commitment to deliver climate action and ambition in 2020.
As global warming continues – with 2020 projected to be one of the warmest years recorded – financial support to developing countries for climate action is crucial to build resilience to the impacts. In addition, the current health and economic crisis caused by COVID-19 is exacerbating existing vulnerabilities and driving up the cost of climate action. The need to deliver climate finance has never been greater to help countries address climate-related needs and to recover in a sustainable way.
In her welcoming remarks at the virtual event, UN Climate Change Executive Secretary, Patricia Espinosa, reminded participants that while COVID-19 is the most immediate challenge humanity currently faces, climate change remains humanity’s greatest challenge over the long term, adding that recovery from COVID-19 can also help put humanity on a more sustainable and climate-friendly development pathway.
“If we can seize this unique opportunity to recover better, we can avoid simply going ‘back to normal’ and instead put our societies and economies onto a more sustainable path – one that will help us achieve the goals of the Paris Agreement,” she said.
Ms. Espinosa pointed out that finance is key for a green economic recovery and spoke of the need for equal access to finance, not just for the richest nations, but for the most vulnerable amongst us:
“We must find ways to enhance developing countries’ access to climate finance, so that their needs and priorities can be met by climate-friendly financial resources.”
Underlining the importance of the event, she stated that while it was encouraging to see that some climate finance institutions have already begun to factor in the impacts of COVID-19 into some of their strategies and policies, “this is just a beginning and the conversation must continue.”
The event was the second finance-related event since the start of the June Momentum series, following the special event on “finance and investments for a sustainable recovery” held on the opening day.
Information taken from: https://unfccc.int/news/delivering-climate-finance-in-2020-and-beyond