India, along with 13 other countries and an African regional alliance, is set to announce a national platform for “climate and nature finance” at COP30 in Belém, Brazil. This initiative is a significant step toward enhancing support for climate change mitigation and adaptation.
Climate finance refers to the funding that comes from public, private, and alternative financial sources. Its main goal is to bolster efforts aimed at mitigating and adapting to the impacts of climate change.
Under frameworks such as the UNFCCC, the Kyoto Protocol, and the Paris Agreement, developed nations are required to provide financial assistance to developing countries. This support is crucial for helping these nations address climate challenges and build resilience against climate impacts.
The new platform will be coordinated through the Green Climate Fund (GCF). Its introduction coincides with ongoing discussions regarding the Global Goal on Adaptation (GGA), where experts are working on finalizing 100 indicators to track global adaptation progress. This initiative aims to transform India's fragmented approach to climate finance.
The GCF was established in 2010 by 194 parties to the UNFCCC and has been operational since 2015. Headquartered in the Republic of Korea, it is governed by a 24-member Board under the guidance of the COP. Its purpose is to act as the primary financial mechanism of the Convention, promoting a shift towards low-emission and climate-resilient development globally.
India is preparing to release its National Adaptation Plan and is advocating for concrete outcomes at COP30. By August 2024, India had secured $782 million across 11 GCF-funded projects, addressing various sectors such as:
Most of this funding has been accessed through concessional loans, with the Ministry of Environment, Forest and Climate Change (MoEFCC) acting as the nodal authority for all GCF-linked financing in India.
Q1. What is the purpose of the Climate and Nature Finance Platform?
Answer: The platform aims to enhance financial support for climate change mitigation and adaptation in developing nations, focusing on streamlined funding mechanisms.
Q2. Who oversees the Green Climate Fund?
Answer: The Green Climate Fund is governed by a 24-member Board under the guidance of the COP, providing oversight for climate finance initiatives.
Q3. What are India’s recent achievements in climate finance?
Answer: India secured $782 million in GCF funding for projects in sectors such as clean energy, coastal resilience, and livelihood security, promoting climate adaptation.
Q4. How does the GCF support vulnerable nations?
Answer: The GCF focuses on mobilizing resources for Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African States to enhance their climate resilience.
Q5. What sectors are prioritized under India’s climate initiatives?
Answer: India prioritizes sectors like water resources, clean energy, and climate-tech to foster sustainable development and resilience against climate change.
Question 1: What is the primary goal of climate finance?
A) Support for economic growth
B) Funding for climate change mitigation and adaptation
C) Investment in fossil fuels
D) Enhancing urban development
Correct Answer: B
Question 2: Who is responsible for the governance of the Green Climate Fund?
A) United Nations Security Council
B) 24-member Board under COP guidance
C) World Bank
D) International Monetary Fund
Correct Answer: B
Question 3: Which of the following is NOT a focus area for the Green Climate Fund?
A) Water resources
B) Climate resilience
C) Military funding
D) Clean energy
Correct Answer: C
Question 4: What amount has India secured from the GCF as of August 2024?
A) $500 million
B) $782 million
C) $1 billion
D) $300 million
Correct Answer: B
Question 5: Which sector is focused on enhancing coastal resilience in India?
A) Agriculture
B) Transport
C) Coastal resilience
D) Mining
Correct Answer: C
Kutos : AI Assistant!
