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3) Money has been central to many a fight at the climate negotiations. Discuss the issues surrounding climate finance that are dominating headlines before COP24?(250 words) 

Topic:  Effect of policies and politics of developed and developing countries on India’s
interests, Indian Diaspora.

3) Money has been central to many a fight at the climate negotiations. Discuss the issues surrounding climate finance that are dominating headlines before COP24?(250 words) 

Indian express

Why this question

Prior to COP24, one of the major issues of contention between developed and developing countries has been the issue of climate finance and framing rules for the same. The article discusses the major points of contentions and would help you enhance your understanding of the subject matter.

Key demand of the question

The question expects us to explain about GCF, discuss the issues in climate finance and how those issues are attempted to be resolved at COP24.

Directive word

Discuss – This is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.

Structure of the answer

Introduction – Explain that the GCF was set up in 2010 under the UNFCCC’s financial mechanism to channel funding from developed countries to developing countries to allow them to mitigate climate change and also adapt to disruptions arising from a changing climate.

Body

  • Explain the macro issue – For many years, the fight was to get the developed countries to commit themselves, in writing, to providing this money. Written commitment has not ended the fight, and has not assured developing countries a steady supply of at least $100 billion from 2020.
  • Discuss the issues involved
    • Framing the rulebook means agreeing on such things as common standards to measure emissions, processes for monitoring, reporting and verification (‘MRV’ in climate jargon) of the various actions being taken by individual countries, and guidelines and institutions to facilitate diffusion of appropriate technologies to countries and regions that need them. It also means putting in place clear and transparent accounting mechanisms to measure and verify flows of climate finance.
    • track record of the developed countries in fulfilling their finance commitments has been disappointing. They have often been accused by developing countries of double-counting, inflating claims, re-packaging existing aid money as climate finance, and ignoring the requirements of adaptation activities. Developing countries insist that climate finance must be “new and additional” and must be provided for mitigation as well as adaptation efforts as mentioned in the Paris Agreement. Etc
  • Explain how the issue is attempted to be resolved at COP24 and what the next course of action should be

Conclusion – Emphasize on the necessity of coming to an agreement as soon as possible for mitigating and adapting to climate change.

CategoriesINSIGHTS