Funds are being raised to tackle climate change in the developing world

Developed countries are increasing financial assistance to tackle climate change in developing countries, although it remains unclear whether they will meet the $ 100 billion target they have agreed on this year. In its annual report on climate action funding in Developing countries, the Organization for Economic Co-operation and Development (OECD) reports that rich countries allocated $ 78.9 billion in 2018, the last year for which data are available. This corresponds to an increase of 11% compared to the donations of 2017, Reuters reports. The donations come from state resources but also from private funds which were mobilized thanks to actions of public bodies. The developed UN member states agreed in 2009 that by 2020 they should have secured $ 100 billion a year to help the poorest countries reduce greenhouse gas emissions and adapt to the new reality of climate change. Many poor countries are already threatened by rising ocean levels and “Achievable target” The 100 billion target remains achievable, the OECD said, although private equity offered in 2018 was limited to 14.6 billion. dollars, an amount almost stagnant compared to 2017. “This means that higher government funding is needed to achieve the said Simon Buckle, head of the OECD’s climate change division. “Such a thing is not impossible according to the observed trend,” he estimated. Of the total donations in 2017, most were allocated to efforts to reduce greenhouse gas emissions. Only one-fifth has been channeled into “adaptation” projects, such as infrastructure construction or the optimization of agricultural production. The EU is by far the largest funding fund. Last week it announced that in 2019 it will allocate a total of 21.9 billion euros. Follow it on Google News and be the first to know all the news See all the latest news from Greece and the world, at

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