State of the Global Climate 2023 report released by the World Metrological Organization (WMO) | Current Affairs | Vision IAS
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  • WMO is a specialized agency of the United Nations for meteorology (weather and climate), operational hydrology, and related geophysical sciences.
  • The report highlighted that 2023 broke every climate indicator like greenhouse gases, temperature, etc., and also highlighted the State of Climate Finances across the globe.

 

  • Current State of Climate Finance
    • Climate flows nearly doubled in 2021-22 compared to 2019-20 levels and reached $ 1.3 trillion.
      • China, the USA, Europe, Brazil, Japan, and India together received 90% of the increase in funds.
    • Climate finance investments need to grow more than six times, by 2030 for a 1.5°C pathway.

 

  • Challenges in Climate Finance
    • The cost of inaction is to rise with insufficient mitigation and adaptation strategies
    • Climate-vulnerable countries and important sectors like agriculture and industry – are receiving little finance despite their mitigation potential.
    • Adaptation actions of private sectors are yet to be tracked better.

 

  • Recommendations in the report
    • Transform the financial system with an emphasis on concessional financing and de-risking; bridging climate and development needs, etc.
    • Mobilize domestic capital, with an emphasis on enabling policies and regulatory frameworks.
    • Improve the availability and accessibility of quality, granular data to measure and manage progress.

 

Initiatives to improve climate finance

  • Global Climate Finance Framework adopted in COP28, Dubai.
  • France’s AFD 2050 Facility supports around 30 developing countries in their implementation of the Paris Agreement.
  • Just Energy Transition Partnerships (JETPs) to developing countries in accelerating their transition to a just energy system.
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