{"id":34704,"date":"2022-11-11T01:45:24","date_gmt":"2022-11-10T20:15:24","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=34704"},"modified":"2025-04-20T16:27:14","modified_gmt":"2025-04-20T10:57:14","slug":"cop27-india-insists-on-higher-global-climate-finance-target-by-2024","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/cop27-india-insists-on-higher-global-climate-finance-target-by-2024\/","title":{"rendered":"COP27 | India Insists on Higher Global Climate Finance Target by 2024"},"content":{"rendered":"<h3><strong>What\u2019s in today\u2019s article:<\/strong><\/h3>\n<ul>\n<li><strong>Background (About COP15, Climate Finance, etc.)<\/strong><\/li>\n<li><strong>News Summary (About COP27, India\u2019s views)<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><strong>Why in news?<\/strong><\/h3>\n<ul>\n<li>At the ongoing UN climate summit COP27, India has stressed that developing countries require\u00a0<strong>substantive enhancement in climate finance<\/strong>\u00a0to meet their ambitious goals and developed countries need to lead the mobilisation of resources.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Background:<\/strong><\/h2>\n<p><img decoding=\"async\" src=\"https:\/\/vajiramandravi.s3.us-east-1.amazonaws.com\/media\/editor_images\/2022\/11\/11\/12\/48\/4\/636df72c64ef7e05bf544000_OI.PNG\" alt=\"\" \/><\/p>\n<ul>\n<li>In 2009, the Conference of Parties (COP15) was held in Copenhagen, Denmark.<\/li>\n<li>At the conference,\u00a0developed countries had committed to jointly mobilise $100 billion\u00a0per year by 2020 to help developing countries tackle the effects of climate change.\n<ul>\n<li>Rich countries, however, have repeatedly failed in delivering this finance.<\/li>\n<\/ul>\n<\/li>\n<li>According to data from the Organisation for Economic Cooperation and Development (OECD), developed countries mobilised $52.5 billion in 2013.<\/li>\n<li>After dropping to $44.6 billion in 2015, the finance flow has steadily increased.<\/li>\n<li>In 2020, the developed countries raised $83.3 billion, a jump from $80.4 billion in 2019.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Climate Finance:<\/strong><\/h2>\n<ul>\n<li>The standing committee on Finance of the OECD has estimated that\u00a0<strong>resources in the range of $6 trillion to $11 trillion are required till 2030<\/strong>\u00a0to meet the targets set by developing countries in their Nationally Determined Contributions (NDCs).\n<ul>\n<li>NDCs are national plans to limit global temperature rise to well below two degrees Celsius, preferably to 1.5 degrees Celsius.<\/li>\n<\/ul>\n<\/li>\n<li>At this year&#8217;s COP being held in the Egypt, developed countries are expected to push developing nations to further intensify their climate plans.<\/li>\n<li>On the other hand, the developing countries would seek commitment to finance and technology needed to address climate change and resulting disasters.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>News Summary:<\/strong><\/h2>\n<ul>\n<li>The 27<sup>th<\/sup>\u00a0session of the Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC) is currently being held in\u00a0<strong>Sharm El Sheikh, Egypt<\/strong>.\u00a0\n<ul>\n<li>The COP is the supreme decision-making body of the Convention.<\/li>\n<li>The climate change process revolves around the annual sessions of the COP.<\/li>\n<\/ul>\n<\/li>\n<li>It meets every year, unless the parties decide otherwise.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Highlights of the ongoing COP27:<\/strong><\/h2>\n<ul>\n<li>At a high-level ministerial dialogue on NCQG at COP27,\u00a0India highlighted that climate actions to meet the NDC targets require financial, technological, and capacity-building support from developed countries.<\/li>\n<li>Developing countries, including India, are pushing rich countries to agree to a new global climate finance target\u2014also known as the\u00a0<strong>new collective quantified goal on climate finance<\/strong>\u00a0(NCQG).<\/li>\n<li>The developing countries say that the\u00a0new finance target should be in trillions as the costs of addressing and adapting to climate change have grown.<\/li>\n<li>India said that a more structured and targeted approach needs to be adopted to enable the successful fulfilment of the mandate ahead of 2024.<\/li>\n<li>India also seeks\u00a0clarity on the definition of climate finance\u2014the absence of which allows developed countries to greenwash their finances and pass off loans as climate-related aid.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>At COP27 developed countries will be under pressure to fulfill their commitment made in 2009&#8230;&#8230;..<\/p>\n","protected":false},"author":5,"featured_media":34705,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-34704","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-mains-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/34704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=34704"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/34704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/34705"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=34704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=34704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=34704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}