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| Last Updated:19/04/2024

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Financing climate actions in the ‘race to zero' campaign


A critical step in addressing the climate crisis comes in the form of climate finance that enables climate action in the form of adaptation and mitigation efforts. At the recently concluded UN Climate Change Conference (COP28), it was observed that Parties to UNFCCC are off track to meet their Paris Agreement goals. Climate finance was the central issue of the conference. Currently, financing climate efforts remains a challenge to the implementation of intended nationally determined contributions (INDCs), which are the climate action plans

A review of the past efforts to generate climate finance indicates mixed results. An upward trend is achieved in global climate finance flows through a 12% increase in 2019-2020, compared with 2017-2018, accumulating $803 billion per year on average, according to the COP27 Report 2023, which provides a comprehensive appraisal of the conditions of global climate finance. In 2019-2020, the growth in finance flows is seen in the number of mitigation actions in buildings and infrastructure with an increase of $34 billion and in sustainable transport with an increase of $28 billion. Similarly, the investment growth is also registered in adaptation finance with an increase of $20 billion.