OECD - INTERNATIONAL
News: What
the OECD report says of climate finance ahead of COP 28
What's in the news?
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A new report, published
by the Organization for Economic Cooperation and Development (OECD), showed
that economically developed countries fell short of their promise to jointly mobilize
$100 billion a year, towards the climate mitigation and adaptation needs of
developing countries, in 2021 – one year past the 2020 deadline.
Organization of Economic Cooperation and Development:
About:
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OECD originated in 1948, as the Organization for European
Economic Co-operation (OEEC).
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OEEC was renamed as the
OECD in 1961 when the USA and Canada
joined to reflect a broader membership.
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Reformed in subsequent
years as OECD by the Convention on the Organization for Economic Co-operation
and Development.
Members:
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Most OECD members are high-income economies with a very high
Human Development Index (HDI) and are regarded as developed countries. OECD
members are democratic countries that support free-market economies.
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The OECD member states
collectively comprised 2% of global nominal GDP (US $49.6 trillion) and 42.8%
of global GDP (Int $54.2 trillion) at purchasing power parity (PPP) in 2017.
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36
members, mostly countries which have very high
human development index are members.
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India
is not a member of OECD.
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India became the 27th
member of the OECD’s Development Centre.
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India has had a
cooperation programme with the OECD since 1997.
Objectives:
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To promote policies that
will improve the economic and social well-being of people around the world.
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Over the years, OECD has
raised the standards of living in multiple countries.
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To stimulate economic
progress and world trade.
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To provide a forum of
countries describing themselves as committed to democracy and the market
economy.
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To provide a forum in
which governments can work together to share experiences and seek solutions to
common problems.
Features:
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OECD is known as a statistical agency, as it publishes
comparable statistics on a wide number of subjects.
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OECD is an official United Nations Observer.