Many countries are struggling with the breakneck increase in climate change financing, however, according to a new UN Development Program ( UNDP) guide to one of the world's fastest growing industries.
Over the past two years more than 50 national public climate funds have been created. There are 45 carbon markets and more than 6,000 private equity funds providing billions of dollars for climate change action, the guide said.
The European Union, Japan and the United States are already providing $30 billion a year to help poorer nations combat global warming and this Green Climate Fund will be channeling $100 billion a year by 2020.
Cassie Flynn, lead author of the UN guide, said that climate financing is now hitting "historic" levels.
"There is really only a small group of countries that are accessing the funds as easily as we would hope and this is where national climate funds come in," Flynn said, highlighting the concentration of clean energy financing in the Group of 20 major economies. Read the full report here.
Source: Economic Times, United Nations.
