Leading financial firms call on governments to step up action on climate risk reporting, boost adaptation finance
UNEP’s Adaptation Gap 2020 report released last week found that with annual adaptation costs in developing countries alone estimated to reach $130-300 billion per year by 2030, public and private finance for climate change adaptation must be stepped up urgently.
Financial institutions have the power to direct investment and project finance to help the world adapt to climate change but they need to first understand and measure the risks and opportunities for their businesses.
Ten financial institutions convened by UNEP FI are calling on governments to encourage adaptation finance by making climate risk disclosures mandatory, ensuring the availability of robust data, and developing standards to guide the finance industry.
The financial institutions are the European Bank for Reconstruct...