{"id":29035,"date":"2024-04-03T20:28:32","date_gmt":"2024-04-03T20:28:32","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough"},"modified":"2024-04-03T21:39:11","modified_gmt":"2024-04-03T21:39:11","slug":"the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough","title":{"rendered":"The global economy is getting greener. But is the transition happening fast enough?"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>The world needs to rapidly shift trillions of dollars into low-carbon investments to avoid a full-blown climate catastrophe, experts said Friday at the sixth session of the United Nations Environment Assembly (UNEA-6).<\/p>\n

\u201cWe are in a disastrous five-minutes-to-midnight situation,\u201d said Sean Kidney, the CEO of the Climate Bonds Initiative, an advocacy group. \u201cThe extent of change we need to make is no longer gradual, it\u2019s sudden. We have to jump off a cliff into a low-carbon world to have any kind of future for our children.\u201d<\/p>\n

Kidney made the comments during a high-level discussion on how countries can align public and private finance to counter climate change, nature and biodiversity loss, and pollution and waste.<\/p>\n

The session was part of a larger focus at UNEA-6 on the global financial system. Delegates said how the world allocates some US$400 trillion in financial assets will determine whether humanity can tame climate change and end nature\u2019s rapid decline. The discussions come amid mounting fears that the erosion of the natural world will torpedo economies across the globe.<\/p>\n

In a speech earlier this week, Inger Andersen, the Executive Director of the United Nations Environment Programme (UNEP), said US$7 trillion is invested every year in activities that harm nature.<\/p>\n

\u201cRight now, humanity is financing its own failure,\u201d said Andersen. \u201cWe must, instead, finance a better future by backing nature.\u201d<\/p>\n

The process of shifting global financial flows has begun. More than US$4 trillion was invested in so-called green bonds as of October 2023, according to the Climate Bonds Initiative. That represents a 100-fold increase in the last decade. (Green bonds are financial instruments that raise money for planet-friendly projects.)<\/p>\n

Many developing countries, though, cannot afford to wait for the global financial system to change on its own, said Maria Susana Muhammad Gonzalez, Colombia\u2019s Minister of Environment and Sustainable Development.<\/p>\n

\u201cThis crisis will not be solved with the law of the market,\u201d she told delegates at UNEA-6.<\/p>\n

While many nations, like Colombia, want to invest in solutions to climate change and nature loss, they often do not have the financial resources when faced with high debt payments and the costs of climate change impacts.<\/p>\n

Gonzalez called for a new multilateral pact to reform the global financial system, allowing developing nations to access money for a transition to a greener future.<\/p>\n

\u201cThis is not debt forgiveness just for the sake of it,\u201d said Gonzalez. \u201cIt is opening space for a new type of investment that opens a new cycle of productivity.\u201d<\/p>\n

Last December at the UN Climate Change Conference, countries for the first time agreed to transition away from fossil fuels. Even before that, investments in renewable energy were outstripping those in fossil fuels. That is a sign, said some, that an irreversible shift in the markets is underway.<\/p>\n

\u201cFrom an investor perspective, it\u2019s very simple,\u201d said Kidney. \u201cThey tell me they believe the future has been decided. There is no doubt it will be green. The only question now for investors is the speed \u2013 and who will be a winner and who will be a loser.\u201d<\/p>\n

UNEP<\/b><\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. The world needs to rapidly shift trillions of dollars into low-carbon investments to avoid a full-blown climate catastrophe, experts said Friday at the sixth session of the United Nations Environment Assembly (UNEA-6). \u201cWe are in a disastrous five-minutes-to-midnight situation,\u201d said Sean Kidney, the CEO of the Climate Bonds Initiative, an advocacy group. […]<\/p>\n","protected":false},"author":84,"featured_media":29034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[242,243,233],"class_list":["post-29035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-eritrea","tag-eritrea"],"yoast_head":"\nThe global economy is getting greener. But is the transition happening fast enough? - Eritrea<\/title>\n<meta name=\"description\" content=\"The world needs to rapidly shift trillions of dollars into low-carbon investments to avoid a full-blown climate catastro ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The global economy is getting greener. But is the transition happening fast enough?\" \/>\n<meta property=\"og:description\" content=\"The world needs to rapidly shift trillions of dollars into low-carbon investments to avoid a full-blown climate catastro ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-03T20:28:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-03T21:39:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/04\/sm_1712163203.560649.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"511\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"The global economy is getting greener. But is the transition happening fast enough?\",\"datePublished\":\"2024-04-03T20:28:32+00:00\",\"dateModified\":\"2024-04-03T21:39:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough\"},\"wordCount\":538,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/04\/sm_1712163203.560649.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Eritrea\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough\",\"name\":\"The global economy is getting greener. But is the transition happening fast enough? - Eritrea\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/04\/sm_1712163203.560649.jpg\",\"datePublished\":\"2024-04-03T20:28:32+00:00\",\"dateModified\":\"2024-04-03T21:39:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The world needs to rapidly shift trillions of dollars into low-carbon investments to avoid a full-blown climate catastro ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/04\/sm_1712163203.560649.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/04\/sm_1712163203.560649.jpg\",\"width\":1200,\"height\":511,\"caption\":\"The global economy is getting greener. But is the transition happening fast enough?\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/eritrea\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The global economy is getting greener. But is the transition happening fast enough?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#website\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/\",\"name\":\"Eritrea\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/eritrea\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The global economy is getting greener. But is the transition happening fast enough? - Eritrea","description":"The world needs to rapidly shift trillions of dollars into low-carbon investments to avoid a full-blown climate catastro ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough","og_locale":"en_US","og_type":"article","og_title":"The global economy is getting greener. But is the transition happening fast enough?","og_description":"The world needs to rapidly shift trillions of dollars into low-carbon investments to avoid a full-blown climate catastro ...","og_url":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough","og_site_name":"Eritrea","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2024-04-03T20:28:32+00:00","article_modified_time":"2024-04-03T21:39:11+00:00","og_image":[{"width":1200,"height":511,"url":"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/04\/sm_1712163203.560649.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"The global economy is getting greener. But is the transition happening fast enough?","datePublished":"2024-04-03T20:28:32+00:00","dateModified":"2024-04-03T21:39:11+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough"},"wordCount":538,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/04\/sm_1712163203.560649.jpg","keywords":["Africa Press","Africa Press-Eritrea","Eritrea"],"articleSection":["all news","files"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough","url":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough","name":"The global economy is getting greener. But is the transition happening fast enough? - Eritrea","isPartOf":{"@id":"https:\/\/www.africa-press.net\/eritrea\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/04\/sm_1712163203.560649.jpg","datePublished":"2024-04-03T20:28:32+00:00","dateModified":"2024-04-03T21:39:11+00:00","author":{"@id":"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The world needs to rapidly shift trillions of dollars into low-carbon investments to avoid a full-blown climate catastro ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#primaryimage","url":"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/04\/sm_1712163203.560649.jpg","contentUrl":"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/04\/sm_1712163203.560649.jpg","width":1200,"height":511,"caption":"The global economy is getting greener. But is the transition happening fast enough?"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/eritrea\/all-news\/the-global-economy-is-getting-greener-but-is-the-transition-happening-fast-enough#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/eritrea\/"},{"@type":"ListItem","position":2,"name":"The global economy is getting greener. But is the transition happening fast enough?"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/eritrea\/#website","url":"https:\/\/www.africa-press.net\/eritrea\/","name":"Eritrea","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/eritrea\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/posts\/29035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/comments?post=29035"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/posts\/29035\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/media\/29034"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/media?parent=29035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/categories?post=29035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/eritrea\/wp-json\/wp\/v2\/tags?post=29035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}