BREAKING NEWS

Report: Global climate spending falling further behind target

By REUTERS

OCTOBER 22, 2013 03:19

LONDON - Global spending to combat climate change fell last year and remains far below the level needed to prevent its most dangerous effects, a report by the Climate Policy Initiative said on Tuesday.

Investment in renewable energy, energy efficiency and adaptation to climate change totalled $359 billion, $5 billion less than in 2011, as an economic slowdown hit state and private-sector budgets.

The International Energy Agency estimated last year that $5 trillion of investment in clean energy alone was needed by 2020 to keep a rise in global temperatures to within 2 degrees Celsius (3.6 Fahrenheit).

Scientists say that threshold is the minimum required to avoid the most devastating effects of climate change, such as the melting of ice caps and catastrophic rises in sea level.

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