ASSESSING THE ROLE OF CLIMATE FINANCE IN SUPPORTING DEVELOPING NATIONS: A COMPREHENSIVE REVIEW

Authors

  • Wags Numoipiri Digitemie Shell Energy, Nigeria Plc, Nigeria
  • Ifeanyi Onyedika Ekemezie Shell Energy, Nigeria Plc, Nigeria

DOI:

https://doi.org/10.51594/farj.v6i3.926

Abstract

Climate finance plays a critical role in supporting developing nations to mitigate and adapt to the impacts of climate change. This comprehensive review examines the multifaceted role of climate finance in assisting developing countries in their efforts to address climate change challenges. The review begins by providing an overview of the global climate finance landscape, highlighting key sources of climate finance, including public funds, private investments, and innovative financing mechanisms. It then explores the allocation and distribution of climate finance, analyzing trends, disparities, and challenges in accessing and utilizing funds among developing nations. Furthermore, the review assesses the effectiveness of climate finance in supporting mitigation and adaptation activities in developing countries. It examines case studies and best practices to illustrate how climate finance has been utilized to finance renewable energy projects, enhance resilience in vulnerable communities, and promote sustainable development. Additionally, the review evaluates the governance and institutional frameworks governing climate finance, including the role of international financial institutions, national governments, and civil society organizations in mobilizing and disbursing funds. Moreover, the review examines the challenges and opportunities associated with scaling up climate finance to meet the growing needs of developing nations. It discusses issues such as financial transparency, accountability, and the alignment of climate finance with national development priorities. Additionally, the review explores innovative financing mechanisms, such as green bonds, climate insurance, and carbon pricing, as potential avenues for mobilizing additional resources for climate action in developing countries. In conclusion, this comprehensive review underscores the importance of climate finance in supporting developing nations to address climate change challenges and achieve sustainable development goals. It highlights the need for enhanced international cooperation, policy coherence, and investment mobilization to accelerate climate action and build resilience in the most vulnerable regions. By leveraging climate finance effectively and efficiently, developing countries can transition to low-carbon, climate-resilient economies while advancing their development objectives.

Keywords:  Assess, Climate, Finance, Developing Nations, Support.

Published

2024-03-21

Issue

Section

Articles