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06/01/2022 - Environment

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January 06, 2022

There has to be a significant upward trend in the uptake of international climate finance by developed countries. Examine (200 Words)

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IAS Parliament 14 days

KEY POINTS

·        In 2009, at the COP15 Summit in Copenhagen, developed countries committed to jointly mobilise $100 billion a year for climate finance so that developing nations can take effective actions.

·        For example, based on recent estimates of the Organisation for Economic Co-operation and Development (OECD), climate finance provided and mobilised by developed countries amounted to $79.6 billion in 2019.

·        To make up for the shortfall and fulfilment of internationally agreed climate objectives by 2030, the developed countries must take immediate action.

·        there is a need for clarity and consensus on the definition of international climate finance to put all controversies surrounding the classification of “climate relevant” projects to rest.

·        Climate adaptation finance must be ramped up. Denmark, for instance, has committed to allocating 60 per cent of its climate finance to adaptation projects.

·        International climate finance should be allocated to recipient countries on a need basis. Despite having a relatively smaller share in global greenhouse gas emissions historically, climate change vulnerable nations such Pacific Island Countries (PICs).

·        The $100-billion target should be revised to reflect the true extent of finance required to respond to existing and future adverse consequences of climate change. 

Hina Katariya 18 days

Please review

IAS Parliament 18 days

Try to stick to word limit. Keep Writing.

K. V. A 18 days

Kindly review

IAS Parliament 18 days

Try to mention about adaptation fund, can cun summit CoP 16. Keep Writing.

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