No breakthrough on loss and damage talks pushed to ministerial meets
- November 12, 2022
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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No breakthrough on loss and damage talks pushed to ministerial meets
Subject: Environment
Context-
- Progress on the loss and damage front at the climate conference here has been halted and left for the ministers to decide at the end of the meeting next week.
More on the news-
- Loss and damage finance was included on the main agenda for the climate meeting for the first time this year.
- US President Joe Biden said his country was ready to reclaim the leadership of climate change.
- Earlier the USA had pulled herself out of the Paris Agreement.
Initiative taken by the USA at CoP27-
- The USA announced fresh plans to reduce methane emissions from the fossil fuel industry, and a doubling of the adaptation finance from US$ 50 million to US$ 100 million.
- The US has so far promised about US$ 11.4 billion in climate finance, as part of its contribution to the US$ 100 billion that developed countries are under obligation to mobilise every year from 2023, but only a small part of that money has been realized.
What is the USD 100 Billion Target and why does it matter?
- In 2009, at the UNFCCC COP15 (held in Copenhagen),
- The developed country parties, to achieve meaningful mitigation actions and transparency on implementation, jointly set a target of USD 100 billion a year by 2020 to address the needs of developing countries.
- The climate finance goal was then formally recognized by the UNFCCC Conference of the Parties at COP16 in Cancun.
- At COP21 in Paris, Parties extended the $100 billion goals through 2025.
- After COP26 there was a consensus that developed nations will double their collective provision of adaptation finance from 2019 levels by 2025, in order to achieve this balance between adaptation and mitigation.
Global Climate Financing-
- Green Climate Fund (GCF):
- It was established to limit or reduce greenhouse gas (GHG) emissions in developing countries and to help vulnerable societies adapt to the unavoidable impacts of climate change.
- Adaptation Fund (AF):
- It was established under the Kyoto Protocol in 2001 and has committed US$ 532 million to climate adaptation and resilience activities.
- Global Environment Fund (GEF):
- It has served as an operating entity of the financial mechanism since the Convention came into force in
- It is a private equity fund focused on seeking long-term financial returns through investments in clean energy under climate change.
- Other Funds:
- In addition to providing guidance to the GEF and the GCF, parties have established two special funds:
- The Special Climate Change Fund (SCCF) and the Least Developed Countries Fund (LDCF).
- Both funds are managed by the GEF.
- At the Paris Climate Change Conference in 2015, the Parties agreed that the operating entities of the financial mechanisms – GCD, GEF, SCCF and the LDCF, shall serve the Paris Agreement.