ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 19 April. Click Here for more information.
ForumIAS Answer Writing Focus Group (AWFG) for Mains 2024 commencing from 24th June 2024. The Entrance Test for the program will be held on 28th April 2024 at 9 AM. To know more about the program visit: https://forumias.com/blog/awfg2024
- Background: Developed countries had committed in 2009 to mobilize $100 billion every year by 2020 to help developing countries cut their carbon dioxide emissions and adapt to the effects of climate change.
- What is progress?
- Developed countries have pledged around $59 billion in 2017-18. However, around $47 billion of the pledged amount was forwarded as loans.
- Hence, money being pledged by developed countries to their developing counterparts as climate assistance was making them sink into ever-increasing debt.
- What are the other takeaways from the report?
- Only around a third of climate finance projects are estimated to take account of gender equality.
- Only a fifth (20.5%) of climate financing went to Least Developed Countries(LDCs) and just 3% to Small Island Developing States (SIDS).
- Recommendations:
- Climate financing could be funded through a range of sources including redirecting some fossil-fuel subsidies which cost governments over $320 billion in 2019 alone.
- Developed countries should scale-up grant-based financing for adaptation and reduce the share of climate financing provided in the form of loans.
- Mobilize more Private, locally-led, and Gender-responsive finance.
- Increase Grants and Finance for Least Developed Countries (LDCs) and Small Island Developing States(SIDS).
