Kuala Lumpur, Malaysia — Finance has increased, not reduced, greenhouse gas emissions. Meanwhile, funding for mitigation, and especially adaptation, is grossly inadequate, with little for climate losses and damages.Rich countries are mainly responsible for the fast-worsening global warming as developing nations suffer more of its adverse effects. Worse, they are much more financially constrained, e.g., due to the higher costs of and poorer access to credit.
Commitments by rich countries to the IMF's Resilience and Sustainability Trust Fund - to provide climate finance to a few poor countries under very restrictive conditions - have been modest despite much fanfare and rhetoric. The actual extent of such subsidies has been obscured by prevailing discourses, especially over statistics. The Organization for Economic Cooperation and Development and International Energy Agency measure of government support for fossil fuels only considers direct budget transfers and subsidies other than tax breaks.
China provided the most, followed by the US, Russia, India and the European Union. Total US fossil fuel subsidies in 2020 - mostly implicit - came to $662 billion, while the Biden administration's climate finance commitment came to only $5.7 billion!
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