It goes without saying that the world needs to be protected, now more than ever. Sure, the countries are developing individually and flourishing beautifully, but that development is happening at the cost of severe environmental degradation. It’s high time that countries come together and invest time, energy and money on the right places. That is why Financing Climate Change Action is so important. To invest and create a strong energy framework that can stand against the climate change issues firmly.
Why is financing climate action the need of the hour?
It goes without saying that the world needs to be protected, now more than ever. Sure, the countries are developing individually and flourishing beautifully, but that development is happening at the cost of severe environmental degradation. It’s high time that countries come together and invest time, energy and money on the right places. That is why Financing Climate Change Action is so important. To invest and create a strong energy framework that can stand against the climate change issues firmly.
Break of trust between the developing and developed countries
The developed countries made a promise to the developing countries that they would help them to speed up the development process. The developed countries together promised to help the poorer countries with around $18 billion over the past 7 years but despite that promise less than $0.9 billion has been given. This fallback in keeping their word has led to a state of skepticism between the countries. Diplomats and Climate talk negotiators have stated that the Kyoto Treaty which commits to reducing and limiting of Green House Gases will be endangered if the promised money is not given by the developed countries.
The core issues
The issue at hand here is that the funds that the developed countries promised to help the developing countries with, is being used for other purposes due to which the development is getting slower. The richer countries have managed to divert as much as $103billion dollars for purposes that are far away from what they promised. This also tampers with the idea of Sustainable Development because this money could have been also used to achieve the SDGs [Sustainable Development Goals].
Climate scientists said that the developing countries not keeping their word do not come across as surprising. T. Jayaraman of the M.S Swaminathan Research Foundation said that the constant decrease in the assistance from other countries not only affects India but also the many other developing countries that are in dire need of climate finance.
If we face the truth, it will be extremely challenging for the developing countries to proceed with the implementation of climate actions until and unless they get adequate funding, technological assistance and overall support from the richer countries.