Act now on El Nino or pay double later, UNDP chief warns

Major climate summit in Antalya warns of dire consequences from El Nino delays

The head of the United Nations Development Programme (UNDP) issued a stark warning that failing to address the devastating impacts of El Nino, which is currently wreaking havoc on economies worldwide, could double the global financial burden. Alexander De Croo, UNDP's chief, emphasized the urgent need for international cooperation to mitigate the crisis, urging institutions such as the International Monetary Fund to provide assistance to vulnerable developing nations.

El Nino, a naturally occurring phenomenon characterized by the warming of Pacific Ocean waters, disrupts global wind patterns and rainfall, causing widespread environmental and economic upheaval. This particular cycle, notably intense, has already inflicted significant damage on economies across the globe, prompting De Croo to stress that inaction on the issue is the most expensive climate policy one could pursue.

As delegates engaged in discussions on financing climate action at COP31, De Croo highlighted the stark contrast between acting now and facing the consequences later. With a potential price tag ranging from $36 billion to $73 billion, the UNDP chief argued that the cost of inaction would be twice as high. He acknowledged the challenges faced by wealthier nations burdened by debt and war, but stressed that vulnerable nations have been unable to recover from multiple crises, including the Covid-19 pandemic, the conflict in Ukraine, and the disruption caused by the closure of the Strait of Hormuz.

UN reports estimate that developing countries could face financial losses amounting to $10 billion to $20 billion, while the Economic Commission for Latin America and the Caribbean projects a cumulative GDP decline of at least 2% over three years, pushing 4.8 million people into poverty. De Croo's call for immediate adaptation investments and policy reforms resonated with the 47 partner nations present at the summit, emphasizing the need for policy changes to lower capital costs across these regions.

However, questions lingered about long-term global climate leadership as China announced its decision not to host the upcoming UN climate talks in 2028. The announcement, made on condition of anonymity, leaves the door open for another Asia-Pacific nation to assume the responsibility of organizing COP33. India had previously withdrawn its offer without providing a reason, while South Korea has expressed previous interest.

The Chinese foreign ministry spokesperson, when asked about the decision, claimed ignorance and reiterated China's commitment to promoting the global green and low-carbon transition.