"More money than ever was invested in climate action in 2014, but it still falls far short of what is needed," Buchner said at the Momentum for Change: Financing for Climate Friendly Investment event at the 21st UN Climate Change Conference (COP 21).
Buchner said that in 2014, climate finance totaled $391 billion — which is an 18 percent increase compared to the previous year. She mentioned that the increase was mainly driven by a growing number of private investments.
Buchner added that it was yet difficult to track the funds allocated to climate change action.
"There has been significant progress [made] over the last year, there have been a lot of groups and finance institutions increasing investments… But still we do have, particularly in the context of private investments, significant issues with understanding of how much money is flowing, also at the domestic level," she said.
The French capital is currently hosting COP21, which is due to wind up on December 11. Representatives of 195 countries are striving to reach a legally binding agreement on climate change. The new accord is expected to help control climate change and put economics on a path toward an eco-friendly sustainable growth.
