News: Recently, the UNFCCC COP26 President, Alok Sharma, visited India to discuss India’s implementation of its COP 26 commitments. Read The News Here.
Let’s Understand In Simple Language:
Alok Sharma, who is the President of COP 26 (Conference Of Parties 26), on his third visit to India held discussions on the country’s implementation of its COP 26 commitments, pressing for delivery of the Glasgow climate pact.
Along with Environment Minister Bhupender Yadav who raised the issue of the transfer of climate finance and technology by developed countries to developing nations, Alok Sharma the COP 26 president and Britain’s Cabinet minister, said that a mechanism is being put in place to achieve the target of $100 billion by 2023.
COP 26 will be held in Glasgow, UK. COP 27 will be held in Sharm El-Sheikh, Egypt.
What is Climate Finance?:
Climate finance refers to local, national, or transnational financing—drawn from public, private and alternative sources of financing—that seeks to support mitigation and adaptation actions that will address climate change. The Convention, the Kyoto Protocol, and the Paris Agreement call for financial assistance from Parties with more financial resources to those that are less endowed and more vulnerable. This recognizes that the contribution of countries to climate change and their capacity to prevent it and cope with its consequences vary enormously.
Climate finance is needed for mitigation because large-scale investments are required to significantly reduce emissions. Climate finance is equally important for adaptation, as significant financial resources are needed to adapt to the adverse effects and reduce the impacts of a changing climate.
In accordance with the principle of “common but differentiated responsibility and respective capabilities” set out in the Convention, developed country Parties are to provide financial resources to assist developing country Parties in implementing the objectives of the UNFCCC.
The Paris Agreement reaffirms the obligations of developed countries, while for the first time also encouraging voluntary contributions by other Parties. Developed country Parties should also continue to take the lead in mobilizing climate finance from a wide variety of sources, instruments, and channels, noting the significant role of public funds, through a variety of actions, including supporting country-driven strategies and taking into account the needs and priorities of developing country Parties. Such mobilization of climate finance should represent a progression beyond previous efforts.
It is important for all governments and stakeholders to understand and assess the financial needs of developing countries, as well as to understand how these financial resources can be mobilized. The provision of resources should also aim to achieve a balance between adaptation and mitigation.
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Questions Related To The Topic:
Q. Which of the following is/are true about the intended nationally determined contribution (INDC) of India?
1. Reducing emission intensity by 33-35%.
2. 40% electric power installed capacity from non-fossil fuel-based energy resources by 2030.
3. Complete elimination of ozone-depleting substances by 2030.
Select the correct answer from the following codes
a. Only 1
b. Only 1 and 2
c. Only 2 and 3
d. 1,2 and 3
Answer: b
Q. Consider the following statements
1. The transport sector is the largest contributor to GHG emissions.
2. Co2 concentration is higher than any other GHG.
Select the correct answer from the following codes
a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2
Answer: b
Q. Consider the following statements.
1. India has the lowest per capita Income and Lower per capita Co2 emission even lower than the EU.
2. The USA has the highest per capita Co2 emissions and higher per capita income as compared to India.
Select the correct answer from the following codes
a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2
Answer: c
Q. Which of the following is/are salient features of the Paris agreement?
1. It provides a transparency framework.
2. It establishes a compliance mechanism in a punitive way.
3. It mandates the contribution of financial resources by developed countries on a voluntary basis.
Select the correct answer from the following codes
a. Only 1
b. Only 1 and 2
c. Only 2 and 3
d. 1,2 and 3
Answer: a
Q. Which of the following is/are elements of Green finance?
1. Banking system.
2. Bond market.
3. Institutional investment.
Select the correct answer from the following codes
a.Only 1
b.Only 1 and 2
c.Only 2 and 3
d.1,2 and 3
Answer: d
Q. Which of the following is/are true about the National clean energy fund (NCEF)?
1. It is based on the polluter pays principle.
2. Jawaharlal Nehru National solar mission project is financed from this fund.
3. It is financed by cess on produced and imported coal.
Select the correct answer from the following codes
a. Only 1
b. Only 1 and 2
c. Only 2 and 3
d. 1,2 and 3
Answer: d
Q. Which of the following is/are true regarding multilateral climate funds?
1. Global environment facility (GEF) was established as a financial mechanism of UNICCC in 2011.
2. Green climate fund (GCF) is a financial mechanism of biodiversity and climate change convention in1992 for helping developed countries.
3. Clean technology fund is the first largest multilateral climate fund.
Select the correct answer from the following codes
a. Only 1
b. Only 1 and 2
c. Only 2 and 3
d. None
Answer: d
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