Humanity has always used the environment for its own personal gain and most have failed to give it back.
However, as climate concerns are increasing and the world is suffering from environmental damage, many countries are now aware of the need to preserve nature and control the climate.
Leaders from about 200 countries join hands every year and debate under one roof to decide how much developed countries will contribute to the climate fund.
Are you wondering what a climate fund means? Here are all your doubts resolved.
Climate finance
Climate finance, as defined by the United Nations Framework Convention on Climate Change, is a term used for local, national or transactional financing. This financing is obtained from private or public alternative financing sources and used for mitigation and adaptation actions to address climate change.
When leaders from some 200 countries sit under one roof, they set and share agendas, agree on treaties and finalize deals. This is the time when developed countries around the world commit to supporting underdeveloped and developing countries to fight the adverse effects of climate change.
The Kyoto Protocol, the Convention and the Paris Agreement require financial support from Parties with advanced financial resources to more vulnerable Parties.
The purpose is to contribute to fighting climate change. This recognizes the country’s capacity to prevent climate change and address its impacts.
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Source: pagasa.edu.vn