‘$4tn needed annually’ to solve global climate change problems Arab markets has potential to grow further: Iosco

‘$4tn needed annually’ to solve global climate change problems Arab markets has potential to grow further: Iosco

As much as $4tn a year funding is required to solve the problems of climate change, which is mere 4% of the total global market capitalisation, and the Arab region’s capital markets, which have had “significant” growth in the past decade, could play pivotal role, a top official of the International Organisation of Securities Commissions (Iosco) said here yesterday.Addressing the Third Arab Capital Markets conference, organised by the Qatar Financial Market Authority (QFMA), in cooperation with the Union of Arab Securities Authorities (UASA) via videoconferencing, Iosco deputy secretary general Tajinder Singh said under sustainable financing, which is able to solve the problems of climate change, the funding needed is in the range of $4tn annually.Highlighting the funding requirement accounts for just 4% of the global market capitalisation; he said "so if 4% of the global market capitalisation was to be directed to this area, then that would be able to help in solving this (climate change) problem."Asserting that capital markets could play an effective role in solving global problems; Singh said the markets in the Arab region have experienced "significant" growth over the past decade and have "considerable" potential for further growth due to the young and growing population, urbanisation