Bonn Climate Conference 2024:
The recent climate meeting in Bonn, Germany, did not achieve significant progress in defining a new climate finance goal.
- Countries have yet to make concrete advancements on issues concerning the funding required to address the climate crisis.
- Climate Financing refers to large-scale investments required for actions to mitigate or adapt to climate change.
- Mitigation involves reducing greenhouse gas emissions, such as increasing renewable energy and expanding forest cover.
- Adaptation involves taking action to prevent or minimise the damage from adverse effects of climate change, such as building infrastructure to protect coastal communities from sea-level rise.
- The 1992 United Nations Framework Convention on Climate Change (UNFCCC) mandated high-income countries to provide climate finance to the developing world.
- As per Copenhagen Commitment, 2009, developed countries agreed to provide USD 100 billion per year to developing countries by 2020.
- The Green Climate Fund was established in 2010 as a key mechanism to deliver climate finance.
- The Paris Agreement in 2015 reinforced the USD 100 billion target and extended it to 2025
