The Imperative Need for Climate Finance and Global Climate Mitigation Strategy – A Pragmatic Analysis

Abstract

Since the advent of Industrial Revolution, climate change has been perceived as the prominent environmental issue of the twenty- first century. According to a study, the amount of carbon dioxide (CO2) in the atmosphere as of July 2021 is the greatest it has ever been in recorded human history. 800 million people, or 11% of the world's population, are currently at risk from the effects of climate change. The world has witnessed extreme climatic events which have resulted in resource- based conflicts and socio- economic imbalance, wreaking havoc on the lives and livelihoods of people. The global impact of climate change is perilous and unprecedented. Without radical actions today, mending to these impact factors will become more challenging. As a response to combat the ongoing climate crisis, several mitigation strategies have been employed to achieve sustainability and adopt efficient measures on the long- run. This paper aims to shed light on climate finance, an integrated approach that will address climate change by providing financial resources. This approach calls for local, national and transnational financing that focus on reducing greenhouse gas emissions thereby enhancing the quality of the environment and the human ecosystem. It requires government intervention to develop competent solutions for global climate change. The paper focuses on the strategies and probable steps of climate finance and also seeks to discuss the greater need in bringing awareness on this issue using comparative excerpts and potential solutions.