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Source– The post is based on the article “Climate finance adds another layer of inequity to climate change” published in the “The Hindu” on 2nd August 2023.
Syllabus: GS3 – Environment – Climate Change
News– The article explains the position of various countries on carbon dioxide emissions, investment in climate related activities and climate vulnerability.
According to the Institute for European Environmental Policy, the target baseline for carbon dioxide emissions to restrict global warming to 1.5° Celsius is 2.3 tonnes per capita.
However, the current global average emissions per capita have been twice this target. It has remained above 4.7 tonnes per capita since 2010. Notably, Africa and India have consistently maintained emissions below this target.
China surpassed the global average in 2004 and steadily increased its emissions to 8 tonnes per capita by 2021. It is now at par with Europe and Oceania.
The overall emissions of the UAE and the U.S. have declined. But these countries still had the highest emissions per capita. These are 21.8 tonnes and 14.9 tonnes, respectively.
What is the position of countries on investment in climate activities?
In 2019 and 2020, Sub-Saharan Africa led in climate-related investments. They allocate 1.3% of its GDP to such activities.
East Asia and the Pacific followed closely with 1% of their GDP. South Asia allocated 0.9%. The U.S. and Canada had the lowest proportionate investment. They dedicate only 0.3% of their GDP to climate-related initiatives.
A significant portion of the funds for climate mitigation and adaptation in the Global South originates from international multilateral climate funds, including the Green Climate Fund and the Clean Technology Fund.
These funds mainly come from economically developed countries. However, there have been some discrepancies in the disbursement of funds. For instance, since 2003, $3.3 billion was approved for South Asia, but only $1.3 billion was disbursed.
What is the position of various countries on climate vulnerability and debt stress?
Climate vulnerability index by country is calculated annually by the Notre-Dame Global Adaptation Initiative.
It is calculated by a country’s exposure, sensitivity, and capacity to adapt to climate change.
The risk of debt distress is based on the International Monetary Fund’s Debt Sustainability Framework reports.
Sub-Saharan Africa has the highest number of countries facing debt distress. It is also the region most vulnerable to climate change.
Generally, countries categorized as high risk or in debt distress are more susceptible to the impacts of climate change. In South Asia, three out of the eight countries fall into this category.