Decarbonization is inevitable and represents the largest transformation of the global economy in this century, said Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC), Report informs.
He noted that financial flows directed towards combating climate change are already estimated at more than a trillion dollars.
"This year, investments in solar electricity will grow to over $500 billion. More money is now being invested in solar energy than in all other electricity generation technologies combined. We are no longer talking about alternative energy or 'alternatives' in principle," he said.
He noted that transformation is necessary in every sector, and this opens up new opportunities across all sectors. However, in his opinion, the vast majority of financial resources are currently directed towards projects in the largest economies.
"This powerful trend in clean energy development is unfolding unevenly," he said. Stiell said that injustice and imbalance in countries' economies are not only unacceptable but also destructive. He explained this by the interconnectedness of supply chains for goods.
"Despite all the recent talk about deglobalization and near-shoring, our world and our global economy are interdependent. And if an uneven global transformation begins, everyone will lose in the end, and lose seriously," the executive secretary noted.
Stiell also noted that the global community needs a new agreement on financing the fight against climate change.
"I deliberately say 'agreement' because it's not just about numbers defining the amount of public funding we need. It's about a commitment to ensure the inflow of funds now and from more sources. Yes, we are talking about public and concessional financing, but also about blended financing, which will be supported by serious reform of development banks and a much more ambitious climate policy from governments," he said.