Money for local weather motion broadly falls into three classes:
Loss and harm
Two years in the past, at COP27, world leaders determined for the primary time to ascertain a loss and harm fund.
This cash is to assist growing international locations recuperate from the results of local weather change they’re already experiencing.
For instance, within the final 12 months alone the growing world has skilled main climate-related crises, from floods in Myanmar to ongoing drought in East Africa.
It took many years to ascertain this fund as a result of developed nations had been cautious of treating the funds as reparations and accepting duty for local weather change on these phrases.
Developing nations would love the brand new monetary goal to have sub-targets the place cash is put aside for loss, harm and local weather change adaptation – which has traditionally obtained a 3rd of mitigation funding.
Mitigation
This is cash to assist growing nations transition away from fossil fuels and different polluting actions. This is the place many of the cash has been donated to date as a result of it may usually be worthwhile.
Many international locations nonetheless have coal-fired energy vegetation which have but to achieve the tip of their life. They want help to transition to wash vitality, akin to photo voltaic farms.
Adaptation
This is cash to assist growing nations put together for the worst results of local weather change.
It is completely different from loss and harm in that it’s targeted on the longer term.
Needs fluctuate relying on the place the nation is situated on this planet, however might embody:
