Opinion | Climate solutions will come from those on the front lines of the crisis, not wealthy leaders

We survived 2022 – a remarkable achievement considering that it brought war, inflation, recession, natural disasters, and food and energy shortages all at once. Not only did we survive, but the world population grew to exceed 8 billion.

Our next challenge, however, is surviving a warmer future as global temperatures continue to rise. The COP27 climate conference that ended in Egypt last month confirmed that without rapid societal transformation, there is no credible path to a 1.5 degree Celsius future. Every fraction of a degree change increases the threat of droughts, rising seas, storms and extreme weather.

At the heart of the transformation debate is money – who will finance the tough complex system change needed? COP27 agreed on a “loss and damage” fund for nations most vulnerable to the climate crisis, but that is only putting salve on deep historical wounds.

First leaders deny climate change, and now they squabble over who is going to pay for it. Meanwhile, the United Nations is publishing larger and larger numbers on the funding needed.

For the energy transition alone, COP27 agreed that “US$4 trillion a year needs to be invested in renewable energy until 2030 to allow us to reach net zero emissions by 2050”. These numbers do not include the US$160-US$340 billion needed annually by 2030 for climate change adaptation, according to the UN.