Developing nations need 12 times more funds to fight climate crisis, Pg12

Key Highlights:

• Developing nations need $310-365 billion annually by 2035 for climate change adaptation.
• Current international public adaptation finance is $26 billion in 2023, falling short of the required amount.
• The COP-26 goal to double adaptation finance to $40 billion by 2025 is likely to be missed.
• COP-29 saw developed nations pledge $300 billion, falling short of the $1.3 trillion demanded by developing countries.

Detailed Insights:

• Developing countries require funds for adaptation, mitigation, and compensation for climate-related damages.
• The New Collective Quantified Goal (NCQG) on climate finance agreed at COP-29 was considered inadequate by developing nations.
• The UN report highlights that current financial resources are insufficient to meet the adaptation needs of developing countries.
• A significant portion (58%) of available adaptation finance is provided as debt instruments, raising concerns about financial burden.
• The Baku to Belém Roadmap aims to increase climate finance to $1.3 trillion, requiring a global collective effort.
• The UN Framework Convention on Climate Change Conference of Parties (COP-30) will be held in Belém, Brazil next month.

Key Concepts Involved:

• Climate Finance: Funding to support mitigation, adaptation, and loss and damage actions related to climate change.
• Adaptation: Adjustments to natural or human systems in response to actual or expected climatic effects.
• Mitigation: Actions to reduce greenhouse gas emissions to limit the magnitude of climate change.