RIYADH: As climate impacts worsen and threaten vulnerable communities and global stability, the UN Secretary-General has called on world leaders to close the $359 billion adaptation finance gap.
At the opening session of COP29, Antonio Guterres stressed the pressing need to bridge the widening financing gap for climate adaptation, which could reach $359 billion yearly by 2030.
To shield your people from the effects of the climate crisis, you need to take more action. Extreme weather conditions are abandoning the most vulnerable. By 2030, the gap between funding and adaptation demands might amount to as much as $359 billion annually, according to Guterres.
“These missing dollars represent lives wasted, harvests missed, and development denied,” he continued. “They are not just abstract figures on a bank sheet. Financial commitments need to be fulfilled now more than ever. By 2025, developed nations must act quickly to double adaptation funding to at least $40 billion annually. He emphasized that climate adaptation is a global investment, not charity, and that concessional financing needs to be substantially increased.
Also Read:
After the US Fed’s Decision, the Saudi Central Bank Cuts the Benchmark Rate by 25 Basis Points
Early in the Upcoming Year, Riyadh Air Plans to Decide on a New Jet Order
