10 Key Findings from the 2023 Intergovernmental Panel on Climate Change report

In March, the Intergovernmental Panel on Climate Change (IPCC) released its 2023 report and 10 key findings have been identified. I covered the implications of various temperature increases. Today, we’ll discuss money.

Most people are familiar with the saying “talk is cheap.” That’s because it is. What’s not cheap is solving climate change dilemma. It’s time that we stop focusing on the talk and take a hard look at what it will cost. The reality is that much of the promised funds either won’t materialize or will be late in arriving. It’s just how these types of efforts evolve. It behooves us to ensure the money that is available is spent very wisely. To date, that isn’t happening.

Those that read my posts know I’m not a fan of continuing subsidies for solar and wind. And we need to rethink our views on nuclear. But how far is the gap between the funds we have and the funds we need?

The IPPC reports indicates that 170 countries have climate policies. However, in many cases planning hasn’t progressed to implementation. Money is a key reason.

According to the IPCC, developing countries alone will need $127 billion per year by 2030 and $295 billion per year by 2050 to adapt to climate change.

What’s available? Funding for adaption of policies was estimated to be between $23 billion and $46 billion from 2017 to 2018. You can do the math.

I didn’t need the IPCC report to tell me this. The lack of funding is evident in numerous areas, not the least of which is in grid modernization.