In a blog for the Global Center for Adaptation, Nicola Ranger argues that adaptation and resilience require a similar level of commitment as the Glasgow Financial Alliance for Net Zero (GFANZ) achieved at COP26.
GFANZ brought together financial institutions to make a collective commitment to align over $130 trillion in assets with the goal of achieving net zero by 2050. By 2025, global assets under management are expected to reach $145 trillion. This is crucial for adaptation, particularly for those countries most in need in the Global South: finance is global, and this capital can either be deployed in ways that build resilience or undermine it.
The Glasgow Climate Pact included the call to double climate finance for adaptation, reaching flows of $40billion per year by 2025.
In a paper co-authored with Michael Mullan Dr Ranger argues that scaling from billions to the trillions needed for adaptation globally will also require aligning the trillions of dollars of global public and private financial flows and investment with climate-resilient development.
- Read the full blog on the GCA website