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PwC comments on the new UK finance announced at COP26

08 November, 2021

The UK government announced new support of up to £290m to strengthen the resilience of vulnerable communities, economies and the environment against the impacts of climate change and to promote low carbon growth.

Commenting on the new UK finance, Kiran Sura, sustainability and climate change expert at PwC UK, said:

"The announcement by the UK government is a big step in the right direction. Efforts need to increase significantly to enhance adaptation and build resilience globally to manage the impacts of climate change that we have already locked in, especially for those countries on the frontlines which are least able to adapt. These countries are calling for adaptation finance to be on balance with mitigation financing, and call on those that have not yet done so to address the gap by increasing adaptation finance to at least double current levels.

"The Climate Change Risk Assessment delivered a stark message that shows the imminent risks we face if we do not take action to adapt to the changing climate. The IPCC report echoed this when it issued the very real warning that the impacts are more severe than previously predicted and likely to get worse with every fraction of a degree of warming.

"World leaders must heed what climate science is telling us. We need other leading economies to pledge their commitment, show solidarity and live up to the promises made - capital is needed in the billions and trillions to help mitigate these ever-growing risks. Financing for adaptation, and the losses and damages from the climate impacts we have locked in, needs to be scaled quickly."

ENDS.

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