View: Private cap to trick the trickle to a gush
climate action echoes louder than ever, and it is crucial to recognise that governments alone cannot bring forth the change. Private financing underpins all aspects of climate action.
Despite the COP28 deliberations, financing for climate adaptation remains insufficient. According to the latest estimates, the price tag for climate change hovers between $1.2-1.7 trillion per year by 2030.
Current funding is a far cry from these estimates. Oxfam's dissection of the touted $83.3 billion invested in 2020 reveals that a mere quarter is deployed. And that, too, is more creative accounting and loans posing as benevolent gifts.
While there is a glimmer of hope in the recent global climate finance uptick, the 5-7% allocated to adaptation is worrying.
Much climate investment goes to carbon-related initiatives, while a critical resource like water is only a fraction of the smaller adaptation bucket.
It's not just about funding but whether the existing investments are allocated appropriately to hit the right targets. More than 75% of climate disasters are water-related. By 2030, half of the global population will be in severe water stress.
The pendulum whiplashes between too much and too little water. UN says climate change is primarily a water crisis, particularly for developing nations.
Water scarcity can lead to:
10% rise in rural poverty.
20% increase in childhood stunting.
10% uptick in forced migration.
Consistent water availability can improve:
Farmer incomes.
Health.
Girl child education.
Women's empowerment.
The JalTara initiative of Save Groundwater Foundation has provided some of these benefits with its scalable, low-cost groundwater recharge approach across 92 villages over the last three years. It has
