ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Criticality of Climate Finance

Mitigation and adaptation with positive synergies can effectively lead to low-carbon pathways.

Earning the disrepute of being the “warmest year” on record and breaching both soft and hard adaptation limits, the window to take action is closing. It is a “now or never” situation. The sheer magnitude and frequency of extreme climate events indicate alarmingly high emissions–low adap­tation trap accompanied by maladaptations too. Notably, even after achieving the conditional nationally determined con­tribution (NDC) targets for the 1.5oC pathway, a 19 GtCO2e (gigatonnes carbon dioxide equivalent) gap will remain. Interestingly, the world is now 2oC closer to the target compared to 2022, indicating progress albeit snail-paced. While global temperatures are 1.1oC above pre-industrial levels now, a doubling of fossil fuel use by 2030 as anticipated would be more con­sistent with 1.5oC pathways.

To assess adaptation planning, the United Nations Environment Programme employs five criteria: (i) comprehensiveness, (ii) inclusiveness, (iii) implementability, (iv) integration, and (v) monitoring and evaluation (M&E). These assessments are based on commitments and not disbursements. Out of 1,117 adaptation actions’ communications as of 31 August 2023—stand-alone document—by 35 countries, 40% were too vaguely formulated to be analysed. In less than half of them, the funding source was clear—one-third were domestically funded in non-Annex-I countries. One-fifth of them have dedicated gender equality and social inclusion (GESI) budgets, but the amount is abysmally low—only 2% on average—and a quarter of them are gender-responsive or gender-integrative. However, the allocations for indigeneity, age, ethnicity, migrant status, and disability are missing. In terms of budgetary provisions, only half of the countries had implementable targets in 2021, which increased to 67% in 2023. Regarding integration, 77% of countries have horizontal coordination across sectors, and this has increased by 5% during 2021–23, as against vertical coordination which is exhibited in only 36% of countries. Only 24% of countries have an M&E system in place and 19% are still developing one. Collectively, the small island developing states (SIDS) and least developed countries (LDCs) are keeping pace with global performance in terms of the development of adaptation planning instruments.

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Updated On : 9th Dec, 2023
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