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As well as echoing UN Climate Change’s assessment that nationally determined contributions needed significant strengthening, the UNEP report said the financial system “must overcome internal and external constraints” to become a critical enabler, putting the annual investment needed for a global transition to a low-carbon economy at US$4-6 trillion.
This builds onto the UK’s existing national commitments, such as the Glasgow Climate Pact from COP26, promising the 2020s to be a decade of action. The ‘State of Finance for Nature in the G20’ report by the UN Environment Programme (UNEP) called for efforts to plug a US$4.1 o C remains highly uncertain.
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