Which is a bigger problem: not getting enough money, or having money but being unable to use it?

Money is a big deal; no money, no progress. 💵💵💵

Both the need for massive new funding and improving the efficiency of how money is spent are two issues the world needs to debate at COP29 to fight Climate Change.

The world established financial funds for this purpose back in 2010 with the Green Climate Fund. Even though it has raised over $13 billion USD, there are many restrictions on accessing the money. For example, approvals are slow, political disagreements need to be managed, it's criticized for poor risk management regarding social impacts, and it's still far from the goal of allocating $100 billion USD annually to developing countries.

This fund primarily focuses on projects that reduce greenhouse gas emissions (Mitigation) rather than those that emphasize adapting to climate change (Adaptation). This means the world still needs a large sum to survive the increasingly frequent natural disasters.

One satisfying step forward at COP28 was the Loss and Damage Fund, which secured nearly $300 million USD in pledges from wealthy nations. This fund aims to provide financial assistance to compensate for irreversible climate damage to the poorest and most vulnerable countries, such as those in sub-Saharan Africa and the Caribbean, which face disasters that force their populations to relocate.

We will certainly see more money flowing into these funds. But if the money isn't used to solve and cope with problems and build resilience in time, it would be a tremendous waste.

🎯 What we need to do quickly is set a Global Goal on Adaptation, develop operational mechanisms for Climate Adaptation, and establish a framework to distribute funds through this mechanism to countries in need as fast as possible. We also need to increase donations, as the world's required funding still exceeds current commitments.

Thailand is one of the developing countries that can request this financial support. We must work together to lay out clear projects with transparent monitoring and evaluation. Carbonoi invites everyone to drive this issue forward together!

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