Climate funding has not kept pace with the Sustainable Development Goals and mobilizing finance for the implementation of the 2030 Agenda for Sustainable Development remains a major challenge, although the push for renewable energy and curbing climate change has increased over the years. has gained momentum on a global scale, a United Nations forum has said.
The UN 2022 Economic and Social Forum on Financing for Development also noted that progress is not shared equitably between countries, deepening inequalities.
“Climate change adversely affects developing countries. Donor countries in the developed world are committed to $100 billion per year by 2020,” said Vibhuti Garg, lead India energy economist at the Institute for Energy Economics and Financial Analysis.
“However, they have not kept their promise and the deployment of funds is well below the target,” Garg said.
However, the forum noted that sustainable investment flows hit a record low in 2021, with global outstanding balances for stability-labeled bonds now exceeding $2.5 trillion.