The Green Climate Fund (GCF) has just approved a further 11 projects, totalling $393m in funding to help countries respond to climate change. Encouragingly, over half of these are projects either with an adaptation or resilience focus, or which combine low carbon and resilience components.
There have been a slew of announcements this year which all point to one thing: business has figured out that there’s a lot of money to be made in the transition to a Green Economy. Be it record low costs for solar and wind energy, huge commitments to clean energy in both China and India, announcements from Volvo and BMW that herald the beginning of the end for petrol and diesel cars, or climate commitments from investor after investor, the message is clear. The momentum being generated as the global economy creaks into gear with the aim of decarbonisation means that the picture with regards emissions is brighter than it has been for years. And, while this shift has been encouraged by important policy commitments on reducing emissions, it is being driven by the fact that the economics make sense and there is money to be made from the transition – making the change we are currently seeing much faster and more sustainable than it would otherwise be.
As Houston and Louisiana start the long recovery process following Hurricane Harvey, and the Caribbean and Florida brace for Hurricane Irma, I’m reminded that in order to even start thinking about adaptation we need to get the fundamentals right.