A sea change is taking place in climate finance thinking, caused by the worsening impacts of global warming in recent years. Global temperatures are already more than one degree Celsius above pre-industrial levels, affecting business and communities both in vulnerable regions and, increasingly, in areas that were not previously considered at significant risk.
The notion that nature is telling us something through extreme weather events worldwide — whether floods in Pakistan, drought in the Horn of Africa, or the scorching summer of 2022 in Europe and North America — is giving added urgency to acting on climate adaptation. This is the strand of climate planning that involves accepting that lives are already changing as a result of our planet heating up and making provision for it.
