Climate financing from rich countries to poor countries should reach a trillion US dollars annually by 2030. This was shared by Economist Lord Nicholas H. Stern at the Bhutan Innovation Forum while speaking on managing climate risks and promoting sustainability. He noted that current climate financing stands at around 150 to 200 billion US dollars per year. Lord Stern, also a member of the United Kingdom’s House of Lords, said it is important to set the right conditions, build confidence, and secure investments to address and adapt to climate change effectively.
The consensus during the managing climate risks and promoting sustainability discussion was that the world needs to reduce greenhouse gas emissions from burning fossil fuels and deforestation.
The panellists also agreed that infrastructure must be strengthened to make communities more resilient and to improve flood control systems.
Nicholas H. Stern, Economist and Member of the House of Lords said “In order to reduce emissions, and to make yourself more resilient, you must invest. So, investment is crucially important, and it will be investment in the new, investment in the clean, investment in the strong, and that will drive economic development.”
Further, he added that climate and biodiversity action are not in conflict with economic and social development, but rather they complement it.
“Neglect of climate and biodiversity damages development. And good development is investing in clean energy and investing in natural capital. Good development enhances climate and biodiversity.”
Meanwhile, Lord Stern complimented Bhutan’s approach towards sustainable development.
“Bhutan is doing a very good job in combating climate change through its preservation of the forests and enhancement of the forests, through the way in which it generates its electricity through hydropower, which is a clean form of electricity, and through the way it thinks about its own development. Development, which is careful about the use of resources, development that does not use toxic resources.”
According to him, science has shown that climate change, with its risks of extreme heat and floods, is worrisome, and taking quick action to address it will make a difference.
Kinzang Lhadon
