At the Youth4Climate conference in Milan, Italy, the United Nations Secretary-General warned the chance to avert the worst effects of the climate crisis is being narrowed, while calling for developed countries to commit much more than just US$100 billion per year to help poor countries fight climate change.
The calls for action come ahead of a UN Climate Change Conference (COP26), expected to take place in Glasgow, Scotland, later this month.
In order to stop global warming spiraling beyond 1.5 degrees Celsius, the parties must commit to a net-zero emissions target by the middle of this century, even more ambitiously by 2030. The ecological transition is not a choice but a necessity.
More than a decade ago, rich countries pledged to mobilise US$100 billion per year to help vulnerable countries as part of an adequate response and pursue cleaner energy. However, in reality, the financial resources mobilized have been insufficient and there is so much to do to stop global warming.
According to the United Nations Environment Programme (UNEP), the adaptation costs in developing countries are expected to be between US$140-300 billion by 2030. This figure is expected to increase to US$280-500 billion by 2050.
Rich countries are under pressure to make good on their pledge to help the response to assist developing countries combat rising global temperatures. The experts said that in the current situation, rich countries need to make stronger commitments. Minister for Ecological Transition of Italy, the host of Youth4Climate, noted that the country should double its contribution to global financing aimed at helping poorer countries cope with climate change to around EUR1 billion per year.
The signatories of the Paris Agreement on climate change committed to reduce global average temperature increase to below 2 degrees Celsius above pre-industrial levels through policies of aggressive emission reduction. The countries also committed to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius.
According to the experts, the 1.5 degrees Celsius climate target is not out of reach; however, there is not much time left to reach this. Without urgent action to cut emissions, the average global temperature increase could touch or exceed 1.5 degrees Celsius for the next 20 years.
