Funding for local weather motion is broadly divided into three parts:
loss and harm
Two years in the past, at COP27, world leaders agreed for the primary time to determine a loss and harm fund.
This funding will assist growing international locations get better from the impacts of local weather change they’re already struggling.
For instance, prior to now 12 months alone, growing international locations have skilled extreme climate-related crises – from Myanmar floods Drought persists in East Africa.
The fund took many years to arrange as a result of developed international locations have been cautious of treating funds as compensation and accepting accountability for local weather change on these phrases.
Creating international locations need new fiscal targets with sub-targets to put aside funds for loss and harm and local weather change adaptation – It has historically received one-third of its mitigation funding.
alleviate
The cash is used to assist growing international locations transition away from fossil fuels and different polluting actions. That is by far the place the place essentially the most cash is invested as a result of it’s often worthwhile.
Many international locations nonetheless have coal-fired energy crops that haven’t but reached the top of their helpful lives. They want help to modify to scrub vitality sources, reminiscent of photo voltaic farms.
adapt
The funding is used to assist growing international locations deal with the worst impacts of local weather change.
It differs from loss and harm as a result of it focuses on the long run.
Necessities fluctuate relying on the place the nation is positioned all over the world, however might embody:
