Rich Nations Meet Climate Finance
ECONOMY & POLICY

Rich Nations Meet Climate Finance

Rich nations have finally met their climate finance goal of providing $100 billion annually to developing countries, albeit two years behind schedule, according to the Organisation for Economic Co-operation and Development (OECD). Initially pledged in 2009, this funding was intended to help poorer nations mitigate and adapt to the adverse impacts of climate change. The delay underscores the persistent challenges in mobilising financial resources for climate action, which remains a contentious issue in international climate negotiations.

The OECD's report highlights that the target was met in 2023, rather than the promised 2020, causing frustration among developing countries that are on the frontline of climate change impacts. The funds are crucial for supporting initiatives such as renewable energy projects, improving resilience against climate-related disasters, and facilitating a transition to low-carbon economies. However, the delayed disbursement has meant that many planned projects faced delays or could not be initiated, exacerbating the vulnerability of these nations.

Despite reaching the $100 billion mark, critics argue that the amount is still insufficient given the escalating costs of climate impacts and the need for more substantial investments. They call for a reassessment of financial commitments to ensure that future funding is timely and adequate to meet the growing needs. Furthermore, transparency in how the funds are allocated and utilised remains a key concern to ensure that the money effectively reaches those who need it most.

In response, rich nations have emphasised their ongoing commitment to climate finance and have outlined plans to enhance their contributions in the coming years. This includes exploring innovative funding mechanisms and leveraging private sector investments to supplement public funds. The achievement of this financial goal, though delayed, represents a significant step towards global climate action and sets a precedent for future international cooperation in tackling climate change.

Rich nations have finally met their climate finance goal of providing $100 billion annually to developing countries, albeit two years behind schedule, according to the Organisation for Economic Co-operation and Development (OECD). Initially pledged in 2009, this funding was intended to help poorer nations mitigate and adapt to the adverse impacts of climate change. The delay underscores the persistent challenges in mobilising financial resources for climate action, which remains a contentious issue in international climate negotiations. The OECD's report highlights that the target was met in 2023, rather than the promised 2020, causing frustration among developing countries that are on the frontline of climate change impacts. The funds are crucial for supporting initiatives such as renewable energy projects, improving resilience against climate-related disasters, and facilitating a transition to low-carbon economies. However, the delayed disbursement has meant that many planned projects faced delays or could not be initiated, exacerbating the vulnerability of these nations. Despite reaching the $100 billion mark, critics argue that the amount is still insufficient given the escalating costs of climate impacts and the need for more substantial investments. They call for a reassessment of financial commitments to ensure that future funding is timely and adequate to meet the growing needs. Furthermore, transparency in how the funds are allocated and utilised remains a key concern to ensure that the money effectively reaches those who need it most. In response, rich nations have emphasised their ongoing commitment to climate finance and have outlined plans to enhance their contributions in the coming years. This includes exploring innovative funding mechanisms and leveraging private sector investments to supplement public funds. The achievement of this financial goal, though delayed, represents a significant step towards global climate action and sets a precedent for future international cooperation in tackling climate change.

Next Story
Real Estate

Our panels build faster and cost less than traditional methods

In the race to build faster and taller, the construction industry often leaves a heavy environmental footprint. But what if we could build with speed, efficiency, and sustainability? Sangeetha Menon, Founder and CEO, Hedrad, an NSRCEL-incubated venture pioneering lightweight composite panels in India, discusses her journey of innovation, unique marketing strategy and vision for a greener future in construction with CW.What inspired the name Hedrad and what does it represent in terms of your brand’s values?The name stems from the core of our panels, which use a honeycomb design base..

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?