Glasgow: In a clear approval of India’s position on climate finance as marked by PM Modi earlier this week, the UN agency in the environment on Thursday notes that the overall estimate of adaptation costs to deal with the challenges of climate change in developing countries will be “five 10 times higher than the current public financial flow “for this purpose.
Calling to increase financial support and make priority adaptation, UN Environment Program (UNEP) in ‘report on adaptation gap 2021’, released at the COP26 UN climate conference, said adaptation costs are estimated to be at a higher end.
$ 140-300 billion per year in 2030 and $ 280-500 billion per year.
Per year Finance Climate, UN Environmental Program Report (UNEP) on Thursday called financial support and said annual adaptation costs may actually be three times more contrast, climate financing flows into developing countries and adaptation planning and implementation only reaches $ 79.6 billion In 2019.
Despite prosperous nations, being a pollutant of history, in 2009 promised to mobilize $ 100 billion per year by 2020, they had, so far, not sent on it.
In fact, plans ‘their climate finance’ plan, released on October 25, has stated that developed countries can mobilize most of the finance only three years later (in 2023).
Questioning this gap, Modi when delivering his speech at the Summit on Monday said, “Promises made until the date of climate finance has proven perforated …
World ambitions about climate finance cannot remain the same as those at that time at that time an agreement Paris “.
Read Alsopm Modi Resist 2050 Net-Zero’s goal pressure, committed to 2070India on Monday is committed to becoming a ‘neutral carbon’ through the purpose of ‘zero’ in 2070 with Prime Minister Narendra Modi announced the main target of the United Nations (COP26 ‘) and appealing to the para World leaders to make ‘lifestyle changes’ issue global movements – world life – with “Today, when India has decided to advance with new commitment and new energy, low-cost financial and low-cost climate and climate climates.
Technology becomes more important .
India expects developed countries to provide climate finances of $ 1 trillion at the beginning.
“He also talked about monitoring the track record of developed countries about providing climate finance as promised by them back in 2009.
The report also found that opportunity to use fiscal recovery from a pandemic to prioritize economic growth T helps countries that can help the climate impact mostly missed.
So far, the $ 16.7 trillion fiscal stimulus has been deployed throughout the world, but only a small portion of this funding targets adaptation.
‘Replying to climate change in developing countries can cost 5-10 times more than current funds’
