ANNOUNCEMENTS
Climate finance the backbone of Paris Agreement, is the tool required by developing nations to not only lessen greenhouse gas, carbon emission but also adapt to the consequences of climate change. Commitments made by the developed nations in the climate negotiations, to provide climate aid and support to the non-annex II countries in accordance to the aspect of equity is a welcome move indeed, but the analysis of the available climate data indicates that the aid mobilised till date won’t be enough to arrest the rising temperature within 2°C.
To make sure the developed nations are consistent with the goals and commitments made under the Paris agreement regarding climate aid to developing nations, tracking of climate finance from the source to the recipient is essential. Analysis of the climate finance landscape points us to two factors that are the ambiguity in Nationally Determined Contributions (NDCs) and donor country preference that play a significant role in steering the flow of climate finance. The least developed countries, deprived of institutional and financial capacities remain the most susceptible to the consequences of climate change. Issues of over reporting of climate finance, mis-categorising of developmental projects under climate relevant projects, lesser focus on adaptation component of climate finance pushes the low-income countries further behind in tackling climate change. Tracking climate finance data remains vital to maintain and build trust among the donor and recipient and instil in a sense of responsibility in mobilisation and expenditure of climate finance. The dissertation attempts to study and analyse the current landscape of climate finance and attempts to track its flow to the developing nations from the developed countries with the aim to understand the existing patterns and analyse its key issues.
Key words: Climate, Finance, Tracking, Nationally Determined Contributions Least Developing Countries.
