OECD REPORT ON CLIMATE FINANCE

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Context

A new report was published by the Organisation for Economic Cooperation and Development (OECD).

Findings of the Report

It showed that economically developed countries fell short of their promise to jointly mobilise $100 billion a year, towards the climate mitigation and adaptation needs of developing countries, in 2021 – one year past the 2020 deadline.
The report said developed countries mobilized $89.6 billion in 2021 and that finance for adaptation fell by 14% in 2021 compared to 2020.

READ ABOUT CLIMATE FINANCE: https://www.iasgyan.in/daily-current-affairs/climate-finance

PRACTICE QUESTION

Q. There should be adequate financial commitments from the Global North towards the South which highlights the need for more grant-based climate finance, to positively impact developing countries. Comment.