Climate finance tops $1 trillion in 2021, still far from 2030 target: Study
The study showed that the average annual flows in 2021/2022 surged to nearly USD 1.3 trillion, a twofold increase from the figures of 2019/2020.
The study showed that the average annual flows in 2021/2022 surged to nearly USD 1.3 trillion, a twofold increase from the figures of 2019/2020.
Breaking down the allocation, the report detailed that of the entire sum, $38 billion has been set aside specifically for tackling climate change, focusing on mitigation measures.
This article looks at ways through which subnational governments can use available finance to implement climate action.
The primary impediment in the path of transition finance is the dearth of private sector funding for decarbonization due to the presence of numerous barriers.
Public funds alone will not suffice to curb the challenges of climate change, they added
“Resources for such fund may be raised from various sources such as international sources (climate finance), issuance of bonds, special levies or cesses, fines collected from polluters, existing resources such as clean energy cess and so on,” the committee said in its report on Wednesday.
The minister said already five years have passed since the developed countries committed to jointly mobilise $100 billion per year to address the needs of the developing nations.
The report estimates that for India to achieve its Nationally Determined Contributions (NDCs) under the Paris agreement, the country requires approximately Rs 162.5 lakh crore (USD 2.5 trillion) from 2015 to 2030 or roughly Rs 11 lakh crore (USD 170 billion) per year, the US-based organisation said in a statement.
For the first time, humankind faces a seemingly insurmountable barrier in the form of finite carbon budgets that we are close to exceeding before the substantial climate change effects become irreversible.
Net-zero or 1.5-degree targets are not going to be achieved on the back of technological-fixes alone. The individuals as well as the institutions too will have to put in their might to address this vexed problem.
Nandan said that India is walking the talk on climate action and the same kind of commitment is expected from the world as well.