Vulnerability of Developing Countries
Developing countries often have geographical disadvantages that increase their vulnerability to climate change impacts.
Their economies depend heavily on agriculture, which is sensitive to climate variations.
Despite being highly vulnerable, these countries contribute minimally to global emissions, with developed nations accounting for a significant majority.
Developing countries face pressing developmental challenges that hinder their ability to address climate issues independently.
Definition of Climate Finance
UNFCCC Definition: Climate finance refers to funding from local, national, or international sources that supports actions to mitigate or adapt to climate change.
It includes both public and private funding aimed at climate change mitigation and adaptation efforts.
Questions Around OECD Report Figures
Critics argue that the OECD's figures should reflect actual disbursements of climate finance rather than just commitments.
There’s a demand for finance to be genuinely new and not a reclassification of existing aid.
Only grants or grant-equivalents should be counted, not commercially provided funds.
India’s Need for Climate Financing
A significant portion of the population lacks access to electricity, necessitating external financing to meet energy needs.
Developing countries, including India, face higher costs for renewable technologies, making external finance crucial.
India needs substantial investments to meet its climate targets, with estimates suggesting ₹850 lakh crore is needed by 2070 for net-zero emissions.
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