The Comptroller and Auditor General (CAG) of India, Girish Chandra Murmu, on March 19 said the annual global climate-finance needs were estimated to increase substantially, reaching well beyond $10 trillion by 2050.
Failing to meet those financial demands would exacerbate the rise in global temperature, simultaneously intensifying the socio-economic consequences of climate-related disasters, he said at a one-day seminar on climate financing here.
Mr. Murmu said climate financing was a catalyst for change, empowering nations, communities, and businesses to adopt green technologies, invest in renewable energy, and foster sustainable practices. However, he said, climate finance remained significantly inadequate, despite the stark cost-benefit analysis.
