Boris Titov: Business needs incentives to invest in adaptation to climate change

All real costs of adaptation to climate change today fall mainly on business, special representative of the Russian president for relations with international organizations to achieve sustainable development goals Boris Titov said at the forum "BRICS Climate Agenda in Current Conditions" held in Moscow, Report informs.

Titov noted that in addition to measures to mitigate climate change by preventing and reducing greenhouse gas emissions into the atmosphere (mitigation), adaptation to climate change is very important.

He also emphasized that on a global scale, the emphasis is placed exclusively on achieving carbon neutrality through "mitigation measures", which, in his opinion, absorbs the bulk of funding for all sustainable development goals, including projects aimed at adaptation.

"All real costs of adaptation today fall mainly on business. But this is a heavy burden, and financial incentives must be created," he said.

Titov also stressed the need to increase funding to the UN Green Climate Fund, recalling that only $13 billion of the planned $100 billion had been received from developed countries, and the UN Adaptation Fund had collected only $1 billion. "What is $1 billion compared to $300 billion in needs?" he said.