One of the hard truths about climate change solutions—whether they’re solar panels, protective sea walls, or carbon-sucking golf balls—is that somebody has to pay for them. This week the United Nations’ climate chief, Christiana Figueres, told Climate Desk that global investment in clean-energy technologies needs to reach $1 trillion per year by 2030 (a little less than the gross domestic product of South Korea), roughly tripling where we’re at now, to keep global warming within the limit agreed on by international climate negotiators.
So when more than 500 investors who hold the strings on the world’s biggest purses—the heads of investment banks, insurance companies, pension funds, international development banks—descended on the U.N. headquarters in New York for a high-powered summit hosted by the sustainable business nonprofit Ceres, you’d hope they would be ponying up for climate solutions.
There’s just one problem: Investment is on the decline for the second year in a row, according to new statistics released by Bloomberg New Energy Finance. In 2013, investors worldwide put $254 billion into clean-energy technology, 20 percent below 2011’s record high. — Full Story at Slate —