United Nations Secretary General Ban Ki-moon has called upon the international community to quickly boost its financial investment in the fight against climate change, calling for an increase in funding for climate-change-combating technologies, practices and policies.
Sunday, during the annual meeting of the International Development Finance Club (IFDC), the Secretary General called climate change "the greatest single threat to sustainable development."
He said that addressing climate change is a great opportunity that is often overshadowed by fear, noting that the act of combating climate change could be a great boon for the world.
"With enlightened action, we can create jobs, improve public health and protect the environment," he said, adding that large amounts of capital are needed to to develop the low-carbon infrastructure needed to curb climate change.
Ban said that green enterprises also need funding to close the gap between low-emissions and fossil-fueled based projects.
"Our goal is mobilize political will for the negotiations, deliver concrete new commitments and spark a race to the top in climate action," Ban said to the IFDC, adding that he hopes the $100 billion-a-year goal for new climate finance projects is met.
Ban encouraged monetary action from development banks, which he said will help make "economies and financial institutions more climate-resilient," while also inspiring other key financial players to follow suit.
"Development banks have proven that smart public financing can spur local and international private sector investments and meet the growing demand for energy and climate resilience.
"I urge you to do even more at the global and national level: by helping to open new markets... facilitate new business models and support entrepreneurs in the developing world where demand for clean investment solutions is greatest," he said.
Meanwhile, a recent MIT study revealed that the number of patents issued for renewable energy technology has risen sharply over the last decade.
"The increase was most dramatic in patents related to renewable energy, chiefly solar energy and wind," the researchers said in a statement. "Patents in fossil-fuel technologies showed a more modest increase, while those in nuclear technology were flat."
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