Environment

There has been a decline in climate finance during COVID-19: WRI report

·         Climate finance being assigned by numerous developing countries for action on global climate change has shown a decrease before and through the novel coronavirus disease (COVID-19), a recent study done by international analysis non-profit organisation World Resources Institute (WRI) has shown.

·         The study found that countries were forced to cut funding for several climate-related sectors to release cash for addressing pandemic-related expenditures and revenue losses.

·         The study found that in various countries, budget cuts have targeted climate mitigation, instead of adaptation actions, whereas fossil fuel spending has enhanced.

·          Between 2019 and 2020, the official development assistance (ODA) for projects with climate as a principal objective or a significant focus reduced by four percentage and eight percentage points severally.

·          Climate finance is capital paid by wealthy countries (which are responsible for most of the historic emissions) to developing countries to assist them pay for emissions reduction measures and adaptation.

·          Climate finance ought to be additionally to standard development aid.