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Climate finance has emerged as a critical aspect of global efforts to address the challenge of climate change. In this context, discuss the significance of climate finance for developing countries and the key challenges they face in accessing climate finance.

Topic: Conservation, environmental pollution and degradation, environmental impact assessment.

5. Climate finance has emerged as a critical aspect of global efforts to address the challenge of climate change. In this context, discuss the significance of climate finance for developing countries and the key challenges they face in accessing climate finance. (250 words)

Difficulty level: Tough

Reference: Live Mint

Why the question:

The article argues that in order to mitigate the effects of the climate crisis, massive capital investment is needed in new technologies such as renewable energy, energy storage, carbon capture, and sustainable transportation.

Key Demand of the question:

To write about the strategies against climate change and understanding of key role of climate finance.

Directive word:

Discuss – This is an all-encompassing directive – you must debate on paper by going through the details of the issues concerned by examining each one of them. You must give reasons for both for and against arguments

Structure of the answer:

Introduction: 

Begin by giving context.

Body:

Mention about Climate financing and mechanisms of it such as the Special Climate Change Fund (SCCF), the Least Developed Countries Fund (LDCF), both managed by the Global Environment Facility (GEF) and the Green Climate Fund (GCF).

Next, write about significance of climate finance in tackling climate change.

Next, mention the various impediments in developing countries accessing climate finance.

Conclusion:

Conclude by writing a way forward.