The world doesn’t need another climate fund

SYDNEY – Brazil has announced plans to launch a $125 billion fund for the protection of tropical forests. It is a key element of the country’s plan to ensure the success of the next United Nations Climate Change Conference (COP30), which Brazil will host. But, at a time when some of the world’s richest economies are slashing their foreign-aid budgets, and the United States is turning its back on climate action altogether, does the world really need another climate fund? Over the past three decades, more than 60 multilateral funds have emerged to raise financing for climate action in developing countries. Most are small and obscure, leaving around 19 sizable entities – including the Green Climate Fund (GCF), the Global Environment Facility (GEF), the Adaptation Fund (AF), and Climate Investment Funds (CIFs) – that publicly report on their activities. In theory, each entity serves a worthy purpose, and a few have gained some traction. In particular, the GCF has emerged as the second-largest multilateral provider of grant-based climate finance to the most vulnerable countries (aWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times