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The world needs to rapidly shift trillions of dollars into low-carbon investments to avoid a full-blown climate catastrophe, experts said recently at the sixth session of the United Nations Environment Assembly .
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’s rapid decline. The discussions come amid mounting fears that the erosion of the natural world will torpedo economies across the globe.
Many developing countries, though, cannot afford to wait for the global financial system to change on its own, said Maria Susana Muhammad Gonzalez, Colombia’s Minister of Environment and Sustainable Development.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.
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