Climate finance is essential for combating climate change, especially for developing countries that often lack the means to effectively address it. Developed nations are expected to fund adaptation and mitigation efforts in areas like agriculture, healthcare, and energy. However, current funding is insufficient, mostly focused on energy and transportation, and primarily issued as loans, which complicates the ability of developing nations to meet their specific needs.
Although funding has risen, it falls short of the $100 billion target set at COP15. Farmers, heavily impacted by climate change, often find that available funding does not meet their requirements. While the private sector contributes to climate management, it does not provide enough support. The current imbalance in funding for adaptation versus mitigation leaves developing nations vulnerable to climate risks.
Anurag calls for varied funding strategies that align with specific needs and encourages innovative approaches that prioritize social impact. Therefore, achieving a balance between adaptation and mitigation funding is crucial for sustainable growth and community protection against climate change. Frameworks like the Adaptation Policy Credibility framework can guide resource allocation towards adaptation efforts.
