The year 2024 has been marked as the hottest on record, causing widespread damage through extreme climate events globally. With the rising costs of adapting to climate change, there is a critical need for effective climate finance to support developing nations in combating these impacts. The Columbia Climate School plans to institute a Master of Science in Climate Finance program starting in fall 2025, preparing students to meet future challenges in financing climate initiatives. Experts indicate substantial funds are available, yet access remains limited for many countries, specifically in the Global South.
"With around $30 trillion in global savings annually, there is more than enough capital to fund the global transition," said Sachs, an expert on how laws, policies and business shape global investment flows.
"The amount of financial capital needed to address climate change is substantial, yet finance currently flows in the wrong direction, focused in developed markets."
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