The CEO of the Global Climate Fund has committed a refocused attention and resources on the worst-hit nations amid the worsening cyclones and flooded areas.. This change in tactics at a time when global warming effects are bearing their brunt on the developing countries and Small Island Developing States.
The Global Climate Fund has been set up in connection with the implementation of the Paris Agreement to reduce greenhouse gas emissions and meet the challenges of climate change in developing countries. Its new model means it will focus on targeted solutions for the areas most vulnerable to such disasters, which are in need of that support in the present.
Recent spectacular natural calamities worldwide have put renewed emphasis on this new priority. They range from murderous hurricanes in caribbean islands to recurrent droughts in Africa and even global warning that poses threat of flooding for small island guys of the pacific. These events have led not only to the many Sumatran or Japanesian deaths but have also reversed or hindered many developing countries.
A crisis proportion was defined by the chief executive of the fund who underlined that the opportunity to take efficient actions is gradually slipping away. The new strategy will still be to approve and implement projects faster to take resources to where they are required urgently. This entails emerging funding needs for expansive early warning systems, physical and structural resilience of buildings as well as food production and distribution in the face of climate change.
In light of the above, one of the major difficulties that the fund is bound to face is very acute: how does one mobilise enough financial resources to meet the up surging needs of the vulnerable nations? Currently, the funding amounts to $56bn per year, but project by 2020, the developed countries promised a financing of $100bn per year and that has not yet been achieved. The fund managers are urging developed countries to provide more funding and to meet the pledges they made under the Paris accord.
The fund is also in the process of identifying new and effective sources of financing so as to mobilise private capital for climate change adaptation and mitigation. This includes green bonds and blended finance; risk sharing instruments that support climate-smart investments in developing countries.
Besides providing funds, the fund sees capacity building and technology transfer as new priorities. Most of the developing nations as well as other vulnerable nations do not possess adequate technical know-how let alone institutional infrastructure in implementing most of the climate adaptation activities. This is the reason the fund is intended to offer training, technical assistance, and access to innovative climate technologic.
This new strategy has received support from environmental groups and developing country participants who suggested that funding needs to recognize individuals in vulnerable areas. But some skeptics believe that the multibillion dollar a year moves by the fund are inadequate in addressing the problem. Yet, instead of demanding more severe measures to decrease global Green House Gas emissions and mitigate the causes of climate change.
New focus on developing countries at the fund is quite timely at the backdrop of the next big climate change conference. The next COP will be a stage for the stock-taking of efforts all over the world on climate change and mobilisation of higher levels of climate finance and climate actions for the implementation of the Paris Agreement.
He said that as we witnessing more frequently extreme weather phenomena over the world the work of the Global Climate Fund and other initiatives introduced in the sphere of climate change mitigation is all the more essential. Implementation outcomes of these initiatives will essentially define the potential of these susceptible states to cope with climate change and develop resilience to related challenges.
The next few years will be defining for whether or not the international community possesses the political willingness and funding necessary to fund those most vulnerable to climate change. The recently formulated strategy of the Global Climate Fund is pointing in this direction, however, much more will be required in order to guarantee a sustainable and fair climate for all as we embrace climate change.
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