OECD REPORT ON CLIMATE FINANCE
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Context
- A new report was published by the Organisation for Economic Cooperation and Development (OECD).
Findings of the Report
- It showed that economically developed countries fell short of their promise to jointly mobilise $100 billion a year, towards the climate mitigation and adaptation needs of developing countries, in 2021 – one year past the 2020 deadline.
- The report said developed countries mobilized $89.6 billion in 2021 and that finance for adaptation fell by 14% in 2021 compared to 2020.
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READ ABOUT CLIMATE FINANCE: https://www.iasgyan.in/daily-current-affairs/climate-finance
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PRACTICE QUESTION Q. There should be adequate financial commitments from the Global North towards the South which highlights the need for more grant-based climate finance, to positively impact developing countries. Comment. |
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