Climate finance refers to financial resources allocated to address climate change and its impacts, including mitigation and adaptation efforts. This funding can come from a variety of sources, including public, private, domestic, and international funding. The objective of climate finance is to support the transition to low-carbon and climate-resilient economies by funding projects such as renewable energy, energy efficiency initiatives, sustainable land use, and infrastructure designed to withstand climate-related events.
Climate finance is essential for developing countries, which often lack sufficient resources to invest in projects that reduce greenhouse gas emissions and adapt to climate impacts, despite being among the most vulnerable to climate change effects. International agreements, like the Paris Agreement, encourage developed nations to provide financial assistance to these countries as part of their climate commitments. Overall, climate finance plays a critical role in fostering global cooperation and ensuring that both developed and developing nations can effectively combat climate change and its associated risks.
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