Climate Change Convention: COP27 Activities and Study of GCF Pledged Finance

Tawfiqullah Muradi and Vikram Sandhu

World Economics, 2023, vol. 24, issue 3, 125-144

Abstract: COP27 focused on adaptation efforts in small island developing states (SIDS) and Africa, aiming to strengthen the resilience of vulnerable local populations and restore land to address biodiversity loss and climate change. This article examines the methodological aspects of the research design and highlights the significance of COP27 in achieving global goals and the objectives of the Paris Agreement. It evaluates Global Climate Fund (GCF) access modalities, such as request for proposals (RFP), the Simplified Approval Process (SAP) and direct access, to engage multiple stakeholders in addressing greenhouse gas mitigation, adaptation, food security, biodiversity conservation and desertification. The GCF's Readiness Private Sector Programming (PSP) played a crucial role in implementing Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs) during COP27, supporting investment in climate action. The article also emphasises the importance of transparency frameworks, domestic policy implementation and national-level decision-making in line with the ambitions of the Rio Conventions. Additionally, the comprehensive approach to channelling funds into sustainable sectors within countries is analysed as a means to achieve the stated goals.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:wej:wldecn:907

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