ANNOUNCEMENTS
The research article emphasises on the rising need to address climate change. It is a well-established concept that with the rising global temperatures, the nations also need to make efforts in order to address the same and prevent the catastrophic consequences. In order to ensure the same, climate finance has emerged as a major tool where all nations have to contribute in order to deal with global climate change issues. This concept comes well under the umbrella of the CBDR principle. In furtherance of the same, many countries make voluntary contributions but the developed nations are required to make a higher contribution as compared to the developing ones.
The concept started materializing itself in 2009 with the 100-billion-dollar regime after the Copenhagen Accord and the negotiations regarding the same intensifies within the last decade as it was seen that the initiative had failed due to various challenges as discussed in this article. In order to gain a better understanding, G20 nations have proved to be a great sample as they could be divided into “low income” and “high income” nations. It was studied that what amount of money has been infused in the climate finance and what percentage of it has been used in mitigation and adaptation efforts as mandated by the Paris Agreement in 2015. It was also analysed whether this money is provided on a grant basis or on the basis of a loan.
It was then found that the money was being transferred more as a loan creating problems for the developing nations in terms of financial burdens and subject matter for the disbursement of these loans. The loans were only provided for initiatives beneficial for the countries providing the loans instead of actually addressing the primary issue faced by the developing nations. It was also realised that many countries could not access these loans due to lack of domestic enforcement mechanism. Looking back at the failure of the previous regime and the implementational issues attributing the same, a new mechanism was built known as NCQG which is to be implement in 2025 itself.
With the help of the data gathered through various sources of information, the dissertation aims to understand how these funds are allocated, in what way are they utilized and who controls this entire process. The dissertation uses the information gathered from the two segments of the G 20 nations and how they have reacted to the previous and the new climate finance regime. With the help of this data, the researcher also aims to formulate a new methodology in order to assess the climate finance policies and anticipate the issues that might arise post its implementation.
