CAG Emphasizes Urgent Need for Global Climate Finance

During a one-day seminar on climate financing, the Comptroller and Auditor General (CAG) of India, Girish Chandra Murmu, underscored the pressing necessity for substantial increases in annual global climate finance, projecting a requirement exceeding $10 trillion by 2050. Failure to meet these financial demands, Mr. Murmu cautioned, would exacerbate the escalating global temperature rise, amplifying the socio-economic repercussions of climate-related disasters.

He stressed that climate financing serves as a pivotal driver for transformative change, enabling nations, communities, and businesses to embrace green technologies, invest in renewable energy, and adopt sustainable practices. However, Mr. Murmu lamented the significant inadequacy of climate finance despite its critical importance, emphasizing the urgent need for robust mechanisms to fund adaptation, mitigation, and resilience-building efforts worldwide.