Home / World / The UN warned of major economic damage without further action.

The UN warned of major economic damage without further action.

The inhabitants of the boats monitor the floods flowing from the river. Tittabawassee Down town on May 20, 2020 in Midland, Michigan.

Gregory Shamus | Getty Images

Governments around the world must significantly scale up climate adaptation measures to avoid significant economic damage from global warming, according to the UN Environment Program Adaptation Gap fifth report.

Countries will have to put in half their global climate financing to adapt next year to avoid the worst effects of climate change, according to a report released Thursday in the year. 2020, the warmest year on record on par with 201

6, the world experienced record-breaking hurricanes and wildfires, which continue to intensify as temperatures rise.

The commitment will include investing in natural solutions to mitigate climate change, such as practices such as replanting degraded land, increasing soil carbon sequestration through practices. Agriculture and forestry protection by changing logging practices

Almost 75% of countries have adopted climate adaptation patterns. But the key gaps remain in financing developing countries most at risk of rising temperatures, as well as in particular climate-risk mitigation programs, the report said.

The United Nations estimates that annual climate adaptation costs could reach $ 140 billion to $ 300 billion by the end of the decade and between $ 280 billion and $ 500 billion by 2050, and concluded that operations across The world is very lagging behind.

And as climate adaptation programs are on the rise, the ever-increasing global carbon footprint puts them in jeopardy.

More from CNBC Environment:
Climate change has damaged billions of dollars in floods.
The year 2020 was one of the hottest on record in connection with 2016.
How the recovery of the COVID economy can help fight climate change.

Under the Paris Climate Agreement, a forged global deal five years ago among nearly 200 countries, governments are trying to keep global warming below 2 degrees Celsius or 3.6 degrees Fahrenheit compared to pre-industrial levels.

The world is still tracking a temperature rise of more than 3 degrees Celsius or 5.4 degrees Fahrenheit this century.

The report said that achieving the 2 ° C target could limit economic losses in annual growth to 1.6%, compared with 2.2% for the 3 ° C warming, and called on countries to improve their goals under the deal. Paris to include a new net-zero, carbon target.

“The hard truth is climate change is happening to us,” UNEP Executive Director Inger Andersen said in a statement. “The impact will be intensifying and affecting the most vulnerable countries and communities – even if we meet the goals of the Paris Agreement.

The report also calls on governments to prioritize climate change in their Covid-19 economic recovery plans, including a shift away from fossil fuels and investing in green technology and ecological restoration.

The world’s largest economy has committed more than $ 12 trillion in economic recovery, according to the International Monetary Fund.

Source link