Combating climate change and the changes it requires in the economy and society costs a lot of money. How this can be presented and distributed was the topic of fiscal policy discussions at the 26th COP in Glasgow. Rishi Sunak, the host country’s finance minister, was the first to open the wallet.
The UK wants to support developing countries
The UK will allocate £100 million to a working group on access to climate to help developing countries get faster and easier access to finance. “We support billions of green investments to finance renewable forms of energy in developing countries,” Sunak said.
Yellen: ‘It’s also the greatest economic opportunity of our time’
His counterpart from the United States, Janet Yellen, sought to combine the need for change with the opportunity for success. “It is a global shift, and some have estimated the cost over the next three decades at $100 to $150 trillion. At the same time, climate change is also the greatest economic opportunity of our time,” Yellen says.
Many considered the G-20 summit held outside Glasgow in Rome a missed opportunity. Werner Hoyer, chairman of the European Investment Bank, sees it so. “I am not satisfied with the result in Rome. Our goals are greater, and I hope so are the goals of senior politicians. Sometimes I get the impression that we also need more courage in public,” Hoyer said.
The European Investment Bank wants to increase the amount that will be invested in economic projects to combat climate change by 2030 to one trillion euros.
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