Environment and Climate Protection Financing

Global climate change and its repercussions are naturally discussed more intensely and are the subject of research under the auspices of the United Nations.

According to a study published earlier this year, the tropical rain belt, which originates in East Africa and the Indian Ocean, will move northward in the African, European, and Asian continents while moving southward in the Americas due to climate change caused by rising global greenhouse gas emissions. The researchers arrived at these conclusions after running computer simulations with data from 27 cutting-edge climate models and computations.

These data also show that the tropical rain belt is migrating northward in Europe and northward in Turkey, resulting in an unprecedented amount of rain and climate characteristics in areas where the tropical climate belt has traditionally dominated.

As a result, the probability of extreme drought and excessive rain in different parts of the world appears to be increasing.

One of the most critical reasons why the environment and climate are not adequately protected is an almost mutually feeding issue, despite the fact that it has been the most critical topic of discussion at the international level for the last decade and an area of struggle in terms of getting all of the leading countries on the same page.

Because, on a worldwide scale, poverty is one of the most significant hurdles and obstacles to prioritizing environmental and climate-related actions and initiatives, as well as developing new financial resources.

Furthermore, failure to safeguard biodiversity and natural disasters caused by climate change not only affects poor and developing economies but also generates poverty in established markets.

In light of this fundamental truth, 19 prominent economies, including Turkey, the G-20’s term chair, highlighted for the first time last week at the G-20 Environment Ministers Meeting in Naples, Italy, the tight link between climate, environment, energy, and poverty.

Climate change, biodiversity loss, pollution, habitat loss, invasive alien species, land degradation, desertification, declining ocean, and marine health, and unsustainable use of fresh water and other natural resources are all contributing to economic and social inequity.

As a result, the G-20 countries, which have for the first time acknowledged the strong link between global environmental and climate challenges and poverty, have also stated that resolving these issues is essential for human well-being, a sustainable economy, and sustainable production and consumption.

The 25-point final declaration shows that the United Nations’ objective of “living in harmony with nature till 2050” for biodiversity protection will be enthusiastically embraced.

However, global success necessitates developing and least-developed countries’ financial, technological, and capacity-building assistance.

Turkey, on the other hand, as a developing country, requests that the Annex-1 countries list be changed.

Turkey, the fifth largest country in Europe and the world’s 12th largest, is a leading emerging country that invests far more in climate change than many industrialized countries, relying on renewable energy capacity for 52 percent of its installed power.

This reform that the country has requested as a country is well-deserved.

The World Bank, the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), the Islamic Development Bank (IsDB), and even the International Monetary Fund (IMF) play critical roles in supporting projects that protect the environment and climate at this time.

Furthermore, a finance framework should be in place to compensate countries like Turkey for their efforts in fulfilling their responsibilities to the world, such as protecting the environment and climate.

For every ten percent reduction in carbon emissions, for example, a one-point-less expensive international credit facility may be made available.          

It’s worth thinking about such reward mechanisms ahead of the United Nations COP26 climate meeting, which will take place in Glasgow, Scotland, between Oct. 30 and Nov. 12.

Photo Credit: http://opiniojuris.org/2020/06/01/symposium-on-the-use-of-international-criminal-law-to-protect-the-environment/