FOOTING THE CLIMATE ACTION BILL:

Why in the news?

“Developed countries’ failure to meet $100 billion climate finance pledge prompts discussions on new funding targets for COP29.”

source:researchgate

About the Current Status and Challenges:

  • Developed countries pledged $100 billion annually for climate action in 2009 but have not met this commitment.
  • Negotiations for a new climate finance budget are ongoing ahead of COP29 in Baku.
  • The focus is on the New Collective Quantitative Goal (NCQG) to mobilize more funds from developed countries for climate action in developing nations.
About United nation framework convention on climate change(UNFCCC):

●   Established in 1992 under the UNFCCC adoption.

●   Based in Bonn, Germany.

●   Facilitates intergovernmental climate change talks.

●   Offers technical support for analyzing climate reports.

●   Key in implementing the Kyoto Protocol and Paris Agreement.

Note:

The 2024 UN Climate Change Conference (UNFCCC COP 29) is scheduled to take place in November 2024 in Baku, Azerbaijan.