Comptroller and Auditor General (CAG) of India, Girish Chandra Murmu, emphasized the pressing need for increased global climate financing during a seminar on climate financing. He highlighted that annual global climate-finance needs are projected to exceed $10 trillion by 2050, and failing to meet these demands could worsen the effects of climate change.
Murmu stressed that climate financing serves as a catalyst for positive change, enabling nations, communities, and businesses to adopt green technologies, invest in renewable energy, and promote sustainable practices. However, he noted that climate finance remains significantly inadequate despite the clear cost-benefit analysis.
He emphasized the urgency of robust climate finance mechanisms to fund adaptation, mitigation, and resilience-building efforts worldwide. Murmu underscored the stark contrast between the costs of inaction and the benefits of timely investments in low-carbon, climate-resilient pathways.
Highlighting the grave consequences of climate change, Murmu cited estimates from the World Health Organization (WHO), predicting approximately 250,000 additional human deaths per year between 2030 and 2050. He stressed the need for comprehensive solutions encompassing both climate mitigation and adaptation measures, which require targeted climate finance.
Murmu also emphasized the role of Supreme Audit Institutions (SAIs) in ensuring transparent, efficient, and effective use of financial resources allocated for addressing climate change. He stated that SAIs have a responsibility to ensure that investments deliver intended environmental and social outcomes and that benefits reach the communities most vulnerable to climate change impacts.
As an example, Murmu cited several audits undertaken by SAI India related to environmental and climate issues in the country, including audits on Compensatory Afforestation, Renewable Energy Sector, Environmental Clearance, Ground Water Management, and Conservation of Coastal Ecosystems.
Murmu’s remarks underscore the critical importance of mobilizing adequate resources and ensuring their efficient utilization to address the challenges posed by climate change.
Read Now:Refrigerating Benzoyl Peroxide Products Recommended to Minimize Cancer Risk
