- 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.
- Climate flows nearly doubled in 2021-22 compared to 2019-20 levels and reached $ 1.3 trillion.
- 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
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