Global:

Climate Finance Is Flowing, but It Isn’t Enough – Yet (The World Bank )

Climate change is expensive, and dealing with it will only grow costlier the longer countries, cities, and industries delay reducing greenhouse gas emissions. The good news is that money is flowing to solutions, and a growing number of leaders in government and business are taking action. The challenge is that the volume of finance isn’t enough – yet.

About US$359 billion a year has been flowing within, to, and between countries to finance low-carbon development that can help lower emissions and increase resilience to climate change.

This money is collectively referred to as “climate finance.” The bulk of it – about 62 percent – comes from private investment, largely from project developers. The other third comes from public sector sources, such as development banks and government aid, according to the Climate Policy Initiative's Landscape of Climate Finance 2013.

Climate finance helps expand access to cleaner energy sources such as wind, solar, and geothermal. It supports development of low-carbon buildings, infrastructure, and transportation, and it helps communities build resilience to climate risks. In countries around the world, it is driving development that communities already need, with the added benefits of building resilience, growing jobs, and reducing the human contributions to climate change.

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