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World Bank has unveiled US $200 billion in climate action investment for 2021 to 2025 to fight impact of climate change. The move coincides with Conference of Parties-24 (COP24) United Nations Climate Summit in Katowice, Poland.
The breakdown of US $200 billion will comprise approximately 100 billion in direct finance from World Bank. Around one-third of remaining funding will come from two World Bank Group agencies and rest will be private capital mobilised by the World Bank Group.
This US $200 billion in climate action investment, amounts to World Bank’s doubling of its current five-year funding. It also represents significantly ramped up ambition of World Bank to tackle climate change and sends an important signal to the wider global community to do the same. This amounts is also double of World Bank’s earlier commitment for ts current five-year funding.
It is international financial institution that provides loans to countries of the world for capital projects. Its official goal is reduction of poverty by providing loans to developing countries for capital programmes. It is one of five institutions created at Breton Woods Conference in 1944. It is headquarter is situated at Washington DC, US.
World Bank comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). It is component of World Bank Group, which also includes three more subsidiary organisations viz. International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID). World Bank is part of United Nations system, but its governance structure is different.
The 24th meeting of Conference of Parties (COP-24) to United Nations Framework Convention on Climate Change (UNFCCC) began at Katowice, Poland. COP-24 is expected to finalise guidelines for implementation of Paris Agreement adopted in 2016. Delegates from nearly 200 nations are participation in COP24. Indian delegation to this conference is led by Environment Minister, Dr Harsh Vardhan.
India expects that COP-24 will be able to frame guidelines, which are pragmatic and gives due consideration to challenges and priorities of developing countries. India considers that outcome of COP-24 should be balanced, inclusive, and consistent with principles and provisions of Convention and its Paris Agreement.
India strongly supports objective of Paris Agreement to strengthen global response to threat of climate change by keeping global temperature rise well below 2 degrees Celsius from pre- industrial revolution period. India considers it important as it is linked to issue of poverty eradication.
India will highlight its concern for climate change and reaffirm its commitments to finalisation of Paris Agreement Work Programme. This agreement also focuses on developing countries need to adapt to adverse impacts of climate change, in manner that it does not put additional burden on them.
India will be setting up pavilion to create awareness about India’s positive climate actions in various sectors of economy. The theme of Pavilion is ‘One World One Sun One Grid’ as highlighted by Prime Minister Narendra Modi during first assembly of International Solar Alliance (ISA) in October 2018.
UNFCCC (United Nations Framework Convention on Climate Change)
It is international environmental treaty negotiated at Earth Summit in Rio de Janeiro in 1992 and entered into force in 1994. It has near universal membership as it has 196 countries and European Union (EU) as its members. It is parent treaty of the 1997 Kyoto Protocol which was ratified by 192 of the UNFCCC Parties. The ultimate objective of both treaties is to stabilize greenhouse gas (GHGs) concentrations in atmosphere at a level that will prevent dangerous human interference with the climate system.
Conference of Parties (COP)
COP is the supreme decision-making body of United Nations Framework Convention on Climate Change (UNFCCC). All States that are Parties to UNFCCC are represented at COP. At COP, all parties review implementation of Convention and take decisions necessary to promote the effective implementation of Convention.