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.
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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.
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“As climate change intensifies, so does the urgency for robust climate finance mechanisms to fund adaptation, mitigation, and resilience-building efforts worldwide,” he said, adding that the need for immediate action was emphasised by the stark difference between the costs associated with inaction and the potential advantages of making timely investments in low-carbon, climate-resilient pathways.
“WHO predicts that climate change is expected to cause approximately 2,50,000 additional human deaths per year, between 2030 and 2050. This grim forecast warrants a comprehensive solution encompassing both climate mitigation and climate adaptation measures. Climate mitigation involves reducing or preventing greenhouse gas emissions, while adaptation entails strategies to adjust to the impacts of climate change. Both require targeted climate finance,” Mr. Murmu said.
He said the Supreme Audit Institutions (SAIs) had the responsibility and the opportunity to ensure that financial resources allocated to address climate change were used transparently, efficiently, and effectively.
“The audits should bring out recommendations to ensure that investments deliver the intended environmental and social outcomes, and benefits reach the communities most vulnerable to climate change impacts. as SAI India, we have undertaken multiple audits related to environmental and climate issues in the country. Some of these audits include Compliance audit on Compensatory Afforestation in India; Performance audits on the Renewable Energy Sector in India; Environmental Clearance and post Clearance Monitoring; Ground Water Management and Regulation and Conservation of Coastal Ecosystems, etc.,” Mr. Murmu said.