AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Follow us

GLASGOW: Developing countries need up to 10 times more funding to protect themselves from increasingly ferocious effects of climate change than the world has currently earmarked, the UN said on Thursday.

While the COP26 meeting tries to wrestle down emissions and keep warming within the Paris deal target of 1.5 degrees Celsius, a new report from United Nations Environment Programme highlights the need to prepare countries for effects that are already starting to be felt.

"Even if we were to turn off the tap on greenhouse gas emissions today, the impacts of climate change would be with us for many decades to come," said Inger Andersen, Executive Director of UNEP.

"We need a step-change in adaptation ambition for funding and implementation to significantly reduce damages and losses from climate change. And we need it now."

Slammed by storms, floods and droughts intensified by global warming, the world's poorest nations have put at the heart of the COP26 climate negotiations calls for richer countries to honour a pledge to provide $100 billion annually.

But only a part of that funding promise - which is now not set to be met until next year at the earliest - is set aside for adaptation measures that would help nations reduce the exposure of people and property to the growing threats of climate change.

The UNEP report found that developing countries alone will need to spend up to $300 billion a year on such measures by 2030, and up to $500 billion annually by 2050. "Overall, estimated adaptation costs in developing countries are five to 10 times greater than current public adaptation finance flows, and the gap is widening," UNEP said.

In 2019, wealthy countries provided $79.6 billion in climate assistance to developing countries - but two-thirds of that was for efforts to reduce emissions, with adaptation given lower priority.

On Monday, Barbados Prime Minister Mia Mottley told COP26 delegates failure to provide nations with the funds to protect themselves and adapt to climate change was "measured in lives and livelihoods in our communities and that, my friends, is immoral and unjust".

With 1.1C of warming since the mid 19th Century, the world has seen a torrent of deadly weather disasters intensified by climate change in recent months, from asphalt-melting heat waves to flash floods and untameable wildfires.

Comments

Comments are closed.

Developing countries need 10 times more money to protect themselves from climate change effects: UN

IK says will dissolve assemblies ‘very soon’

Provinces’ power sector schemes: Rs8.11bn approved by ECC

Effective Nov 2022: Agri consumers of Discos, KE have to pay Rs23.30/unit

PTI Sindh MPAs hand in their resignations

Dues against consumer billing collection: KE seeks MoF’s help for release of over Rs4.5bn collected by Pakistan Post

COAS urged to disassociate himself from Bajwa’s ‘controversial’ actions

Public limited companies: Conditions for launching REITs schemes laid down

Income tax arrears: Nov collection up Rs2.33bn to Rs8.98bn YoY

Centcom chief, COAS discuss security cooperation

Asset-backed securitization rules: SPVs allowed to offer debt securities