Financing Developing Nations to Aid Transition to Greener Alternatives

by Jesse Jennings

As World leaders met in Paris to discuss and debate global climate change at the United Nations Climate Change conference in late 2015, it was not the world powers that questioned whether or not to sign the agreement. Rather, smaller, poorer countries were raising questions about their own finances and aid in their transition to lower-carbon energy. At the talks, fiscal spending seemed to be the greatest roadblock to the movement into greener practices and placement of ceilings on carbon emissions for countries around the globe. Smaller nations are demanding support from larger, industrialized and more-developed countries to help aid the future costs of limiting carbon emissions and preparing for the already-rising sea levels.

Developed countries have yet to satisfy developing ones; developed countries are said to have delivered an estimated $61.8 billion last year with goals of $100 billion annually for 2016. The Chinese government plans to contribute $3.1 billion this year, while the US Congress may veto Obama’s $3 billion planned contribution to the Green Climate Fund––a fund to assist developing countries in adapting to changes brought about by the an increasing global temperature and rising sea levels. Nearly 200 countries have agreed to move forward and work to lower and limit carbon dioxide emissions, but many countries are worried that the finance system for climate change remains inadequate. Essentially the Paris agreement aims to redirect funds currently being spent on fossil-fuels to later fund greener alternatives, stated Christiana Figueres, head of the United Nations Network on Climate Change. Besides bankrolls, developing countries come to the Paris talks eager to seek advice that will aid turning to greener initiatives within their own infrastructures.

Mauldin, W., 2015. Poorer Nations’ Demand for Climate-Change Aid Weighs on Paris Talks. Wall Street Journal

http://www.wsj.com/articles/rich-poor-divide-over-paying-for-climate-change-measures-weighs-on-paris-talks-1446671532

 

 

 

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