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.
IAS Parliament 3 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 3 years
Please review
IAS Parliament 3 years
Try to stick to word limit. Keep Writing.
K. V. A 3 years
Kindly review
IAS Parliament 3 years
Try to mention about adaptation fund, can cun summit CoP 16. Keep Writing.
