Daily Current Affairs : 22-November-2023

A recent report from the Organisation for Economic Cooperation and Development (OECD) has unveiled concerning information about the commitments made by economically developed countries towards climate finance. The report, a critical analysis of the financial efforts in 2021, highlights a significant gap between promises and actions.

Shortfall in Climate Funding Commitments:

Despite the collective pledge by economically developed nations to mobilise $100 billion annually for climate mitigation and adaptation in developing countries, the report indicates a notable shortfall. In 2021, one year beyond the 2020 deadline, these countries managed to contribute only $89.6 billion, falling short of the promised amount.

Adaptation Finance Decline:

A noteworthy revelation in the report is the decline in finances allocated for adaptation efforts in 2021. In comparison to the preceding year, adaptation funding witnessed a 14% reduction. This decline is alarming, considering the escalating impacts of climate change on vulnerable regions that require urgent adaptation measures.

Implications and Consequences:

The failure to meet the $100 billion annual target has far-reaching consequences. Developing countries, already grappling with the adverse effects of climate change, now face increased challenges due to insufficient financial support. The decline in adaptation funding further exacerbates the vulnerability of these nations, hindering their ability to cope with the intensifying impacts of climate-related events.

Global Cooperation and Accountability:

The OECD report underscores the need for stronger global cooperation and accountability in fulfilling climate finance commitments. The failure to meet the established targets raises questions about the willingness of economically developed countries to take robust actions to address the climate crisis. Urgent measures and renewed commitments are imperative to bridge the existing gap and ensure the promised financial support reaches the vulnerable nations most in need.

Important Points:
  • OECD Report Findings:
    • Economically developed countries failed to meet the collective promise of mobilizing $100 billion annually for climate mitigation and adaptation in developing countries.
    • The shortfall in funding was evident in 2021, extending beyond the 2020 deadline.
  • Financial Contributions in 2021:
    • Developed countries collectively contributed $89.6 billion in 2021, falling short of the committed amount.
    • This reveals a significant gap between promises and actual financial commitments.
  • Adaptation Funding Decline:
    • The OECD report highlights a concerning 14% decline in finances allocated for adaptation efforts in 2021 compared to the previous year.
    • This decline raises alarms, given the increasing impacts of climate change on vulnerable regions.
  • Consequences for Developing Countries:
    • Developing nations, already facing the brunt of climate change, now encounter additional challenges due to insufficient financial support.
    • The reduction in adaptation funding exacerbates the vulnerability of these nations, hindering their ability to cope with the intensifying impacts of climate-related events.
  • Global Cooperation and Accountability:
    • The report underscores the urgent need for enhanced global cooperation and accountability to fulfill climate finance commitments.
    • The failure to meet established targets raises questions about the willingness of economically developed countries to take robust actions against the climate crisis.
  • Call for Urgent Action:
    • The OECD report serves as a call for urgent measures and renewed commitments to bridge the existing gap in climate finance.
    • Stronger global efforts are imperative to ensure promised financial support reaches the vulnerable nations most in need.
Why In News

A recently published report by the Organisation for Economic Cooperation and Development (OECD) sheds light on critical economic trends, providing invaluable insights for policymakers and stakeholders alike.

MCQs about OECD Report: Unmet Climate Finance Promises and Urgent Calls for Global Collaboration

  1. What crucial aspect does the OECD report emphasize regarding the decline in adaptation funding in 2021?
    A. Positive impact on vulnerable regions
    B. Insignificant consequences for developing countries
    C. Alarming consequences for developing countries
    D. Decrease in the severity of climate-related events
    Correct Answer: C. Alarming consequences for developing countries
    Explanation: The OECD report highlights a 14% decline in finances allocated for adaptation efforts in 2021, raising alarms about the increased vulnerability of developing nations to climate-related events.
  2. what are the consequences of the shortfall in climate finance commitments for developing countries?
    A. Increased economic growth
    B. Improved infrastructure
    C. Enhanced resilience to climate change
    D. Additional challenges in coping with climate impacts
    Correct Answer: D. Additional challenges in coping with climate impacts
    Explanation: Developing countries face additional challenges in coping with the adverse effects of climate change due to insufficient financial support, as outlined in the essay.
  3. What did the recent OECD report reveal about the annual commitment of economically developed countries for climate mitigation and adaptation?
    A. Met the $100 billion target
    B. Exceeded the $100 billion target
    C. Fell short of the $100 billion target
    D. Doubled the $100 billion target
    Correct Answer: C. Fell short of the $100 billion target
    Explanation: The OECD report indicates that economically developed countries fell short of their promise to jointly mobilize $100 billion annually for climate mitigation and adaptation.

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