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Reported climate change is well funded and poor countries are underfunded-Technology News, Firstpost

Developed countries have overreported funding to help countries adapt to the effects of climate change over the last decade, and risky communities are significantly underfunded, a new analysis said Thursday. Indicated. The Paris Agreement of 2015 requires countries to increase funding to affected governments, mitigate global warming and evenly divide into cash to help adapt to future climate effects. Developed countries have pledged to provide $ 50 billion annually for adaptation by 2020. But official OECD figures show that donors committed only $ 16.8 billion in 2018.

According to an analysis by Green Group’s CARE International, the actual numbers are much lower, at just $ 9.7 billion.

The surface of the Earth today is 1.2 ° C higher than it was in the mid-19th century when temperatures began to rise.

CARE and its African and Southeast Asian partners evaluated 112 climate adaptation projects funded by 25 donor countries, representing 13% of the world’s total adaptation funding, between 2013 and 2017.

They found that funding for adaptation to these projects was overreported by 42 percent. Applying that number to the rest of the project, CARE said adaptation funding was overreported by $ 20 billion over the same period.

Some countries and donors have exaggerated adaptation subsidies by including funding for construction projects such as housing and roads that have nothing to do with climate.

“The poorest people in the world are not responsible for the climate crisis, but they have been hit hardest,” said John Nordbo of CARE Denmark.

“The rich nations not only disappointed Global South by failing to provide sufficient adaptive funding, but also tried to give the impression that they were offering more than they were offering.”

The assessment showed that Japan overreported more than $ 1.3 billion in climate adaptation funding, including more than $ 400 million for projects such as the Bridge of Friendship and the Expressways of Vietnam.

He also accused France of mislabeling the $ 90 million provided to the Philippine regional governance scheme as climate adaptation funding, even though only 5% of the project’s budget was allocated for that purpose. did.

Can’t afford inaccuracies

The Paris agreement aims to limit global warming above pre-industrial levels to “well below” 2 degrees Celsius (3.6 degrees Fahrenheit).

So far, with just 1C of warming, a series of climate-related disasters have often hit the developing economy and face a tremendous wait for reconstruction funding.

The United Nations said last week that countries were below Paris’ promises due to their failure to fund climate change measures in vulnerable countries.

The true cost of adaptation, reducing fallout between communities and increasing their ability to cope with climate-related disasters such as floods and droughts, is currently about $ 70 billion annually. But that number could rise to $ 300 billion a year by the end of the decade, he said.

CARE also raised concerns that many development projects aimed at helping adaptation in seemingly climate-sensitive countries are funded in the form of loans rather than full grants.

For example, in projects valued in Ghana and Ethiopia, analysis showed that 28% and 50% of total donations were offered as loans, respectively.

The report called on donors to stop overreporting adaptive finance, increase the transparency of financial reporting, and ensure that lending does not exacerbate debt distress.

“Given the seriousness of our climate crisis and the catastrophic consequences of vulnerable countries, we cannot afford to exaggerate or inaccurately report adaptation funding,” said the UN climate negotiations later. Sonam Wandy, chair of the Least Developed Countries block, said.

Reported climate change is well funded and poor countries are underfunded-Technology News, Firstpost

Source link Reported climate change is well funded and poor countries are underfunded-Technology News, Firstpost

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