He is convinced that private funding and support for this sector is the solution to the problem.
The new assertion comes from Nigel Green, CEO and founder of deVere Group, with approximately $12 billion under consideration. Green spoke of the danger signs as Italy declared a state of emergency during the European country’s worst drought in 70 years.
The dilemma also hits the United States. By a news Release, Lake Mead, the nation’s largest reservoir, is a water provider for tens of millions of people and countless acres of farmland in the Southwest. However, the massive repository is currently only a quarter full.
- Worries about potential water supply shortages are indeed a big deal. For example, agricultural water scarcity is expected to increase to more than 80% of the world’s cropland by 2050, in a fairly new trend. study in the American Geophysical Union journal The future of Earth.
Green stressed, “There is no doubt that around the world the fallout from the growing climate crisis is accelerating,” Green said.
He believes the answer will require political and social resolve on a global scale. He expressed that it “will also require tens of trillions of dollars. As governments alone cannot afford it now, especially with slowing economic growth among other headwinds, the solutions require private financing.
Essentially, Green argues that the financial industry must now become more proactive in “freeing up and mobilizing” the necessary funds.
It calls for unprecedented levels of cooperation between financial advisers, insurance companies, banks, wealth and asset managers, investment firms, fintech groups and banks to tackle climate change. Green says governments around the world have been in no rush to respond to the urgent “code red” situation we face. »
Green surmised: “It will take huge amounts of private funding to stem its impact. It is now up to the financial sector to help mobilize and unlock the funds needed through education and sound, impactful investment solutions.