1. Home
  2. Blog
  3. UPSC

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.


  • 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.


Get free UPSC Updates straight to your inbox!

Get Updates on New Notification about APPSC, TSPSC and UPSC

Get Current Affairs Updates Directly into your Inbox

Discover more from AMIGOS IAS

Subscribe now to keep reading and get access to the full archive.

Continue reading