NMBU researchers on climate financing: - It is far from enough

By Egil Jahren

COP29-presidenten applauderer sammen med de andre i forhandlingspanelet
Many hoped for 1300 billion dollars for climate financing, the agreement ended at 300 billion. From the final sessions of the climate summit COP29Photo: COP29

Many were disappointed with the result at the climate summit COP29 on financing of climate measures. Leading climate researchers say it's not only emission reduction that is urgent, they warn that opportunities for climate adaptations are also slipping away.

"If we do not put the necessary financing on the table now, it will be much more expensive to deal with the effects of climate change in the future," says Siri Eriksen, climate and development researcher at NMBU.

She and 20 other researchers recently published an article in the prestigious journal Nature Climate Change, where they emphasize the need for comprehensive and rapid action.

The annual economic losses from climate change are increasing, and are expected to reach 38 trillion dollars annually by 2049. This is six times higher than the cost of keeping global warming below 2 °C.

"The longer we wait with measures, both to reduce emissions and adapt to inevitable climate effects, the less room for maneuver we have," Eriksen explains.

Less effect

"We need a new climate policy, where climate measures are integrated with fair development," says Eriksen.

Eriksen has for several years contributed to the annual reports from the UN's Intergovernmental Panel on Climate Change (IPCC), and has among other things written about climate resilient development. An important point for climate resilient development is that climate measures put social justice at the center.

The author team consists of 20 prominent authors of the UN's climate panel's latest main report, including Siri Eriksen and Frode Degvold from NMBU. The article is based on a large body of work, gathering knowledge over several years about how the world community must meet climate change.

Read the article: "Pathways for urgent action towards climate resilient development".

"With increasing warming, climate measures will become less and less effective, and at the same time the opportunities for sustainable and fair societal development are reduced," Eriksen warns.

Noragrics Siri Eriksen er en av hovedforfatterne av kapittelet om fattigdom og levekår i FNs klimarapport del 2.
Siri Eriksen is a professor in the field of environment and development. Photo: NMBU

Crises steals the attention away

In the article, Eriksen and the co-authors argue that the work with emission reduction has become much more difficult as crises and war have taken the focus away from the climate fight.

"Politically, the opportunities in the climate area have been weakened, at a time when we have very little time to achieve change. Political engagement and will have had to compete with crises such as the conflicts in Ukraine, Sudan and the Middle East, and the pandemic," she says.

This, many believe, is also the reason why the negotiations at COP29 in November have been slow. In overtime, an agreement was reached, where wealthy countries by 2035 will contribute 300 billion annually to emission reduction and climate adaptation.

Eriksen, and many others with her, are clear that this is far from enough. But it is clear that the climate issue has been given lower priority, and politicians are focusing more on security and defense, inflation, energy access and electricity prices.

"The problem is that we need action and comprehensive measures during this decade. But the window is still there, even though it is closing quickly. Research shows that we can enhance quality of life and sustainable development if we coordinate emission measures and adaptation measures across sectors. The technology and knowledge exist. But both authorities, civil society and the private sector must contribute," Eriksen explains.

She points out that polluting industry still receives more money than renewable energy.

"Therefore, it is incredibly important to turn the climate negative financial flows," she says.

Points of light

Fortunately, there are examples where the development is going in the right direction, and the article highlights Cape Town in South Africa as a good example.

The apartheid era left deep scars, and despite the arrival of democracy in 1994, the city has been marked by deep division, extreme unemployment and great poverty, in contrast to the wealth in the suburbs. But here, large steps have been taken towards a more just climate policy.

The city planning strategy for 2022-2027 is based on principles recognized from climate resilient development: equal opportunities for all, inclusion, use of local knowledge, sustainable management of local ecosystems and building resilience to environmental changes.

In the plan, the needs of vulnerable groups are therefore prioritized. Examples of measures are to improve housing and sanitary conditions, ensure stable energy access, provide equal access to public services and measures for better social mobility, and reduce the consequences of extreme weather and drought.

"The city policy in Cape Town is based on something we now have to acknowledge: Effective handling of climate change is only possible if we simultaneously handle injustice and inequality, both locally and globally. It is well documented that measures can meet climate change while also meeting important societal needs.

NMBU is also actively involved in practical work to create climate resilient development: The Center for Climate Resilient Change is a collaboration with the Follo region, politicians, business and civil society in the Oslo Fjord area. The goal is to create local solutions to climate challenges.

Read about Center for Climate Resilient Development

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