Chapter 1 | INTRODUCTION
nature-related investments, plus an additional US$3 trillion to achieve the other Sustainable Development Goals. The IPCC’s Sixth Assessment Report indicates that current climate financing levels need to increase by four to seven times to meet the Paris Agreement targets. The 2024 World Bank Spring Meeting highlighted that the estimated climate finance need is currently US$8 trillion per year, a figure that will rise to US$10 trillion per year after 2030. 9 This substantial financial requirement reflects the increasing frequency and severity of climate-related disasters and the growing need for both mitigation and adaptation strategies worldwide. The analysis and data clearly show that the global need for climate finance is progressively growing due to the increas- ing adverse impacts of climate change. These impacts are manifested by more frequent and more severe climate-re- lated calamities such as floods, droughts and hurricanes, which cause significant economic losses and humanitarian crises. Transitioning to a low-carbon economy requires substantial investment in renewable energy, energy efficiency and oth- er green technologies. Many countries, particularly those in vulnerable regions, need significant funding to build resil- ience against climate impacts, including infrastructure up- grades, disaster preparedness and sustainable agricultural practices. Climate experts have also emphasized the impor- tance of investing in sustainable agriculture and restoring natural capital and biodiversity, addressing issues such as degraded land, deforestation and damage to water supplies and oceans. It is important to note that achieving the SDGs is inherently linked to addressing climate change, neces- sitating integrated and comprehensive financial strategies.
Achieving the SDGs is inherently linked to addressing climate change.
9 https://live.worldbank.org/en/series/2024/spring-meetings
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