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Climate financing has not kept pace with sustainable development goals and mobilisation of finance remains a major challenge for implementation of the 2030 agenda for sustainable development, though the push for renewable energy and curbing climate change has gained momentum globally in the past few years, a UN forum has said.

The UN 2022 Economic and Social Forum on Financing for Development also noted that the progress has not been shared evenly among the countries, leading to further deepening of inequalities.

“Climate change disproportionately impacts the developing countries. Donor countries in the developed world committed to $100 billion per year by 2020," said Vibhuti Garg, energy economist, Lead India, at Institute for Energy Economics and Financial Analysis.

“However they, have not kept to their promise and the deployment of funds is much lower than the target," Garg contended.

The forum, however, said that the sustainable investment flows reached record levels in 2021, with the global outstanding amount of sustainability-labelled bonds now more than $2.5 trillion.

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