By 2050, South Asia will need around US$ 500 billion to finance climate change adaptation, and public finances will form a crucial part of that picture. To ensure this, a new framework that helps governments mainstream spending on climate adaptation into domestic budgets, has been successfully implemented in Bangladesh, Nepal, Pakistan, Philippines and Thailand.
A report released by the World Bank in 2016 stated that, each year, urban areas are growing by an average of more than 75 million people – which is a number greater than the population of the world’s 85 smallest countries combined. However, cities and urban dwellers have received too little attention in discussions about climate change impacts and adaptation, especially in relation to financing. It is apparent that the current levels of international funding are insufficient to meet current and future adaptation needs.
Last week at the side line of the UN General Assembly, I spoke with business leaders at the Bloomberg Forum to underscore Indonesia’s commitment to its climate-resilient future. As Finance Minister, the climate financing aspect of this development challenge is within my purview and something I am deeply passionate about.
We have known for over a decade that Bangladesh, the country least responsible for global warming, is first in line to feel the full force of its impacts. For proper utilisation of Climate Funds for facing challenges of climate change impacts, there is a need to prepare a Local Adaptation Plan engaging local peoples including youth.
The recent succession of hurricanes in the Caribbean and floods in South Asia have taken the world over the tipping point in acknowledging that human induced climate change is not only real but is happening already.
Of course there are still some deniers like US President Donald Trump and his environment chief Pruitt, but they lack credibility.