Vulnerability to climate change grew 18% last year
According to researchers, in 2014 global investment in activities for reduction of planet-warming emissions and climate change vulnerability has grown 18% to $391 billion as private backing for renewable energy technologies has increased.
An annual report from the Climate Policy Initiative (CPI), an advisory group, has suggested that more money than ever before was channeled into action for controlling climate change and its consequences, after funding leveled off in 2012 and dropped in 2013.
In a statement, Barbara Buchner, senior director of the CPI and lead author of the study, said, “Two weeks out from the international climate negotiations in Paris, our analysis demonstrates that countries around the world are investing to drive their own economic growth and development”.
The report has noted that nearly 3 quarters of total investment and more than 90% of private finance was increased and spent in the same nation.
As per the report, last year private investors worldwide have poured $243 billion into renewable energy, which was 26% high from 2013, and led to record installation of solar photovoltaics and onshore wind power, with strong growth particularly in China.
It said that a number of renewable energy technologies were edging nearer to becoming completely cost-competitive with fossil fuels.
In 2014, government investment has reached at least $148 billion, and has been continuously rising over the last 3 years.
However, despite rise in funding for cleaner, more resilient economies, the 2014, according to the CPI, even greater effort and a vast geographic spread for investment are required to maintain global warming to an internationally decided target of 2 degrees Celsius.
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