Finance is the binding constraint in efforts to fight climate change | Mint – Mint
We are already seeing the consequences of global warming: Rising frequency of storms, floods and droughts; the adverse impact on agricultural production; loss of biodiversity; retreating glaciers, melting arctic ice, dying coral reefs and rising sea levels. The window of opportunity to avert the disastrous consequences of global warming beyond 1.5° Celsius above pre-industrial levels is rapidly closing. Some projections indicate that average temperatures are likely to rise well above 1.5° unless much more is done within the next 3-5 years to contain global warming (see Atul Bagai & Sudipto Mundle, Hindustan Times 26 April 2023). Fortunately, there has also been phenomenal progress in mitigation technologies. However, there are large variations in adoption across sectors and geographies even for mitigation technologies that are now commercially viable, mainly due to paucity of finance. Large amounts of capital are required to adopt these technologies at scale, but access to such finance is limited or altogether missing in many countries.