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Bonn Climate Conference 2024

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