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Syllabus: GS-2: Important International Institutions ,Conservation GS-3: Environmental Pollution & Degradation Focus: The COP29 summit in Azerbaijan has brought renewed focus on updating climate finance frameworks, with developing nations calling for a substantial increase in annual funds. The current $100 billion annual commitment from advanced nations, set in 2015, is due for a critical review …
Read MoreSyllabus: GS 3: Environment Why in the News? Upcoming COP29 in Baku, Azerbaijan from 11 -22 November to 2024 will focus on climate finance and the carbon credit scheme, highlighting India’s initiatives and challenges in establishing a credible and efficient domestic carbon market. Introduction Climate finance and a global carbon credit system will be discussed …
Read MoreWhy in the News? Azerbaijan, the host of COP29, announced the launch of a Climate Finance Action Fund (CFAF) to support developing nations’ climate efforts. The fund aims to collect voluntary contributions from fossil fuel-producing countries and companies. The main agenda of COP29 is to finalize a climate finance agreement post-2025, requiring developed nations to …
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