Why in news?

• Department of Economic Affairs, Ministry of Finance, released a Discussion Paper entitled “3 Essential “S”s of Climate Finance – Scope, Scale and Speed: A Reflection” on the sidelines of COP 24 to UNFCCC at Katowice, Poland.

Highlights:

• The Discussion Paper examines analytically the scope, scale and speed required in climate finance. While the financial requirements of developing countries run into trillions of Dollars, the commitments made by the developed countries for enhancement and support in relation to climate finance is not clearly translated into reality. Equally important is the issue of reporting and tracking of climate finance.
• The Discussion Paper finds serious concerns with the various numbers on climate finance reported by the developed countries. Definitions of climate change finance used in various reports were not consistent with the UNFCCC provisions. Methodologies used were also questionable.
• This Paper attempts to identify the essential elements, step by step, for a robust and transparent accounting of climate finance flows from developed to developing countries.
•  Climate change issues have taken centre-stage in the recent times with various scientific reports pointing to the serious effects of climate change and global warming. The urgency for global climate action cannot be overemphasised.