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Fraud poses a clear and present danger to COP28 projects
While COP28 generated many climate finance initiatives, their implementation poses a huge risk without the necessary measures and actions in place to combat and eliminate environmental fraud.
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A park employee sweeps a wooden walkway on July 18, 2022 at the Tarakan Mangrove and Proboscis Monkey Conservation Area in North Kalimantan. Mangrove forests play an important role in reducing the country’s carbon emissions. (Kompas/Raditya Helabumi)
T
he 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change in Dubai last November resulted in numerous deals, including commitments from all participating countries worth US$85 billion to support various initiatives.
The funds will be allocated toward developing renewable energy sources, providing financial aid to less developed nations, supporting countries affected by loss and damage from climate change, to name but a few.
The conference had a revitalizing impact on emerging economies, especially Indonesia.
Our country will receive financial aid to implement measures so we can meet our net zero emissions target by 2060. Moreover, Indonesia can use this financial aid to encourage other significant actions and strategies, such as the operational plan of the Forest and Other Land Use (FOLU) Net Sink 2030, which was formulated in 2021 during COP26 in Glasgow.
Nevertheless, the substantial amount of climate funds allocated to the public faces numerous risks. According to a 2019 report by the Organisation for Economic Co-operation and Development (OECD), countries most need for climate financing also have high corruption according to the Corruption Perceptions Index (CPI), such as Bangladesh, China India and Indonesia.
Additionally, NatureFinance (2022) states that a correlation exists between environmental crimes and the fragility of a nation's financial system.
High levels of corruption and financial system deficiencies are lethal conditions that developing countries face, and will undoubtedly impede achievement of the COP28 goals.
