Q. Consider the following statements:
1.Climate finance is funding aimed at supporting actions to mitigate and adapt to climate change.
2.The funding, under climate finance, must come from public sources only.
3.The United Nations Framework Convention on Climate Change (UNFCCC) tracks climate finance flows from developed to developing countries.
4.The New Collective Quantified Goal (NCQG) is a new climate finance target being developed to support developing countries in their climate efforts post-2025.
Which of the statements given above are correct?
Explanation –
Statements 1 and 4 are correct. Climate finance is intended to support both mitigation (reducing emissions) and adaptation (adjusting to impacts) efforts related to climate change. This includes investments in renewable energy, sustainable infrastructure, and resilience-building projects. The NCQG is being developed to establish a new financial target beyond the existing $100 billion annual commitment, aiming to better address the needs of developing countries in their climate action efforts post-2025.
Statements 2 and 3 are incorrect. Climate finance can come from a variety of sources, including both public and private sectors. Public sources include government budgets and international aid, while private sources involve investments from businesses and philanthropic contributions. While the UNFCCC provides the framework and guidelines for climate finance, it does not directly track these flows. Organizations like the Organisation for Economic Co-operation and Development (OECD) are responsible for tracking and reporting on climate finance flows.
Source: The Hindu
Discover more from Free UPSC IAS Preparation Syllabus and Materials For Aspirants
Subscribe to get the latest posts sent to your email.
