: Why the latest plan to fund climate action is bound to fail developing countries #IndiaNEWS The latest plan announced by rich countries for funding climate action in developing countries will be ineffective

Why the latest plan to fund climate action is bound to fail developing countries #IndiaNEWS
The latest plan announced by rich countries for funding climate action in developing countries will be ineffective because the amount is inadequate and the plan does not address chronic flaws in climate finance, experts say. The plan, released in the run-up to the global climate summit in Glasgow, UK, does not take into account the specific needs of developing countries – such as for compensation for loss and damage due to climate disasters – and only reiterates old, undelivered promises, they say.In 2009, developed countries had pledged to deliver to developing countries an annual climate fund of 0 billion by 2020. The money is meant to fund climate adaptation and mitigation measures. But the latest plan says the target will need to be deferred by three years, to 2023, on the basis of an analysis by the Organisation for Economic Co-operation and Development.Only about 65% of the 0 billion promised has been delivered by developed countries on average between 2013 and 2019, shows an analysis of the Organisation for Economic Co-operation and Development documents. Set in 2009, the 0 billion target itself is now inadequate because developing countries are estimated to need 0 billion a year from 2020 to 2050 to decarbonise just their energy sectors.“The plan looks...Read more

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