UNDP Comments: ‘Wealthy Nations’ Commitment Towards Climate Financing as a Travesty Posted on February 25, 2023 News By Akta Yadav 78 Views UNDP Comments:- The administrator of the U. N. Development Programme, Achim Steiner called it a ‘travesty’ that developed countries had not fulfilled a pledge they made a decade ago to provide $100 billion annually in climate financing to developing countries. Wealthy countries primarily to blame for global warming, have yet to fulfill a 2009 pledge to provide $100 billion annually to assist developing countries in coping with the effects of rising global temperatures. UNDP Comments “A mock. I say this with due diligence. The fact that developed nations’ failure towards the commitment of $100 billion until ten years would cause many nations to reflect on whether this would be one of the most catastrophic mistakes in history”, Steiner said in an interview. Because of an economic downturn brought on by the COVID-19 pandemic and the crisis in Ukraine, South Asian nations surrounding India such as Sri Lanka, Bangladesh, and Pakistan have been asking the International Monetary Fund (IMF) for financial assistance. “We need to look at some reductions, scheduling changes, and reorganization”. Steiner stressed that 52 developing countries are on the verge of default or financial difficulty and G20 nations must determine whether to restructure debt and impose specific reductions. UNDP Comments For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true, and top stories of the world.