6 months, 4 weeks ago

UN panel report underplays needs of developing nations: Experts

The United Nations Climate Convention’s Standing Committee on Finance has estimated that the annualized cost, across different time frames ending by 2030, of implementing “costed needs” under nationally determined contributions by 98 developing countries is in the range of $455–584 billion per year. the starting points for costed needs out to 2030 in NDCs vary significantly with some indicating a 2015–2030 timeframe, and others a 2020-2030 timeframe,” the report states. It further adds that “therefore, an annualized cost estimate across different time frames ending by 2030 of implementing these costed needs by 98 countries are in the range of USD 455–584 billion per year.” “The latest UN report falls short of capturing the full financial realities that developing countries face. Yet, due to gaps in data and disorganised information, the report presents figures that do not fully account for the needs of all developing nations, particularly for a just transition away from fossil fuels, which demands economic diversification and the creation of green jobs on an unprecedented level,” said Harjeet Singh, Climate Activist and Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative.

Hindustan Times
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