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Who will pay the tab for climate change in 2022?

A man wades through a flooded market as water from the Chao Phraya river floods low lying areas in Samut Prakan province on the outskirts of Bangkok, Thailand,
Reuters/Chalinee Thirasupa
Chao Phraya flooding.
By John Detrixhe

Future of finance reporter


As temperatures rise, Thailand’s Chao Phraya basin faces dual threats—severe floods are growing more likely at the same time that climate change is putting people living there at higher risk of drought.

To help the area adapt, a $34 million project, financed by the Green Climate Fund, is scheduled to wrap up in the summer of 2022 to improve water management and protect farmers in the Yom and Nam sub-river basin. The GCF, the world’s largest climate fund, aims to approve $3 billion in funding next year.

Projects like the one in Thailand are what authorities had in mind in 2009, when they came up with a plan to mobilize some $100 billion each year for climate finance that would help poorer countries cope with rising temperatures induced by emissions from rich nations. The problem, as most experts see it, is that there needs to be more money, and many more projects like the one in the Chao Phraya basin if people in developing countries are to avoid severe hardship in the coming years. Rich countries came up short of the mark in 2019, the most recent year that data are available, dishing out some $79.6 billion of climate financing.

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