World Resources Institute (WRI) Report
- November 7, 2021
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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World Resources Institute (WRI) Report
Subject – Environment
Context – There has been a decline in climate finance during COVID-19: WRI report
Concept –
- Climate finance being allotted by various developing countries for action on climate change has shown a decrease before and during the novel coronavirus disease (COVID-19), a recent study done by global research non-profit organisation World Resources Institute (WRI) has shown.
- The study found that countries were forced to cut funding for many climate-related sectors to free up money for addressing pandemic-related expenditures and revenue losses.
- The study found that in several countries, budget cuts have targeted climate mitigation, rather than adaptation actions, while fossil fuel spending has increased.
- Between 2019 and 2020, the official development assistance (ODA) for projects with climate as a principal objective or a significant focus decreased by 4 percentage and 8 percentage points respectively.
- Climate finance is money paid by wealthy countries (which are responsible for most of the historic emissions) to developing countries to help them pay for emissions reduction measures and adaptation.
- Climate finance should be in addition to standard development aid.