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.