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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)

Refer - Business Line

Enrich the answer from other sources, if the question demands.

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IAS Parliament 2 years

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 2 years

Please review

IAS Parliament 2 years

Try to stick to word limit. Keep Writing.

K. V. A 2 years

Kindly review

IAS Parliament 2 years

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

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