Given the fact that the unit prices of various low-emission innovations have been steadily declining since 2010, development in underdeveloped nations has slowed owing to a lack of supporting factors.
According to the Intergovernmental Panel on Climate Change (IPCC) Working Group III (WGIII) on Climate Change Mitigation’s Sixth Assessment Report, creative policies have allowed cost cuts and fostered global implementation.
Per the research, suitable laws and global policies dealing with innovation systems have aided in overcoming the distributional, environmental, and social effects of low-emission technology adoption throughout the world.
However, developing countries have fallen behind due to what some experts believe are inadequate economic support structures, resulting in fragmented links to current or future climate emerging markets.
They also argue that the absence of financial backing for economic ventures makes competing with foreign firms’ economies of scale a challenge.
To repair the poor ties between research and innovation, financial assistance and public education are essential.
The Board of the Green Climate Fund (GCF) was asked by the Conference of the Parties, often known as COP 21 or the Paris Climate Conference, in 2015 to look into methods to make ecologically sound technology more accessible to poor nations.
Other organizations were also invited to collaborate on research and development that would help improve mitigation and adaptation strategies.
Since then, the GCF has been concentrating on “evaluating initiatives and programs encouraging innovation and technology for mitigation and adaptation.”
According to one of IE Insights’ publications, 177 projects totalling $8.8 billion were authorized, with a total investment of more than $33.2 billion. Around 66 per cent of the 177 initiatives include technology, 43 per cent are mitigation-based, 32 per cent are adaptation-based, and 25% are cross-cutting.
Power generation and availability of electricity, forest and land usage, and the construction of towns, businesses, and equipment are the three key sectors for mitigation technology investment.
Moreover, technical adaptation initiatives often incorporate infrastructure that allows environmental systems, ecosystems, and ecosystem technologies, such as sea barriers, surveillance systems, and risk monitoring.
The GCF’s technology portfolio, according to IE Insights, is inadequate to nurture transformative climate innovations in startups and multipliers.
It’s Financing also lacks complete support for Article 10 of the Paris Agreement, which calls for speeding up, encouraging, and facilitating a comprehensive and long-term global response to climate change while simultaneously boosting sustainability goals.
The IPCC report also emphasizes the poor progress achieved in aligning financial flows with the aims of the Paris Agreement, as well as the unequal distribution of climate finance flows across countries and industries.
According to the Sixth Report, global GHG emissions in 2030, combined with the administration of nationally determined contributions (NDCs) stated before COP26 will likely result in warming exceeding 1.5°C throughout the twenty-first century.
“Keeping warming below 2°C would very certainly need a dramatic increase of mitigation measures beyond 2030.” Policies put in place by the end of 2020 are expected to result in greater global GHG emissions than the NDCs suggest.” it stated.
The IPCC WGIII Sixth Assessment Report, which is approximately 3600-pages long, was issued on Friday, April 4, 2022.
The 17 chapters assess climate change mitigation, look at global gaseous emissions, and describe how measures to minimize and control emissions have progressed.