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WMO’s State of the Global Climate 2023 Report

Why is it in the news?

  • The World Meteorological Organization (WMO) has published the State of the Global Climate 2023 report.
  • The report highlighted that 2023 broke records in various climate indicators such as greenhouse gases concentration, global temperatures, etc.

 

More about the news

 

State of Climate Finance:

  • Climate finance nearly doubled compared to 2019-2020 levels, reaching $1.3 trillion.
  • China, USA, Europe, Brazil, Japan, and India received 90% of the increase in funds.

Challenges in Climate Finance:

  • The cost of inaction is projected to escalate without sufficient mitigation and adaptation strategies.
  • Climate-vulnerable countries and key sectors like agriculture and industry receive inadequate finance despite their potential for mitigation.
  • Tracking adaptation actions of private sectors remains a challenge.

Recommendations:

  • Transform the financial system by emphasizing concessional financing and de-risking, aligning climate and development needs.
  • Mobilize domestic capital through enabling policies and regulatory frameworks.
  • Improve availability and accessibility of high-quality, granular data for better measurement and management of progress.
Initiatives to Improve Climate Finance

·       Adoption of the Global Climate Finance Framework during COP28 in Dubai.

·       France’s AFD 2050 Facility supporting approximately 30 developing countries in Paris Agreement implementation.

·       Just Energy Transition Partnerships (JETPs) aiding developing countries in transitioning to a fair energy system.

 

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