Tag: COP27

COP27 | Common But Differentiated Responsibilities on Focus
Analysis, Featured, World

COP27 | Common But Differentiated Responsibilities on Focus

The two major international entities which serve as the enabler of climate finance are Global Environment Facility and the Green Climate Fund (GCF). The financial resources are needed to be invested in large-scale initiatives such as solar panels, and electric vehicles, soon, which are notably lacking in developing nations. The ambition fixed by the developed countries on climate finance needs a significant change from what they were at the time of the Paris Agreement in 2015. Developing countries' insistence on the new target by 2024 is simply making the rich vandals pay for their prior exploitation of the environment. Based on the principle of 'common but differentiated responsibilities and respective capabilities’, it is fair for developing countries such as India to demand increas...