PoliticsClimate compensation payments for poor countries

Climate compensation payments for poor countries

-

The UN climate conference in Sharm el-Sheikh decided to create a fund to compensate for climate-related damage. A commission will prepare recommendations for this.


The world climate conference in Egypt has for the first time agreed on a joint pot of money to compensate for climate damage in poorer countries. In the early hours of Sunday morning, representatives of nearly 200 states decided on the new fund. However, the necessary approval of the final declaration was still awaited. In addition, the goals of the Paris climate protection agreement were reaffirmed, including the 1.5 degrees target. What was decided, an overview:

Climate damage fund: Who should pay how much of the remaining deficit?

Compensation payments aim to mitigate the inevitable consequences of global warming, such as increasingly frequent droughts, floods and storms, as well as rising sea levels and desertification.

The question became the main topic of discussion during the two-week conference in Sharm el-Sheikh, which was extended by nearly 36 hours. The decision does not mention any amount for the new compensation fund or who exactly should pay.

Developing countries should be supported in restructuring their economies.

Developing countries, which are especially at risk from the consequences of climate change, should be preferred. In particular, the EU insisted on this limitation. According to the World Resources Institute, more than 3.3 billion people worldwide live in areas classified as critically endangered.

Developing countries will also be supported in restructuring their economies in a way that is both climate-friendly and socially acceptable (“just transition”).

The US initially blocked the issue. The pressure came from the G77, a group of more than 130 developing countries, including China. After initial reluctance, the European Union finally changed its mind.

advisory committee

According to the decision taken on Sunday morning, the first plan is to set up a transitional commission to prepare proposals. This will then be discussed at the next UN climate conference in Dubai at the end of 2023. The commission will include ten representatives from industrialized countries and 13 from developing countries.

Oxfam: Fund ‘a real success in tackling climate change’

Ani Dasgupta, head of the US think tank World Resources Institute, spoke of a “historic breakthrough”. The fund will be a lifebelt “for poor families whose homes have been destroyed, farmers with devastated fields, and islanders displaced from their ancestral homes.” At the same time, representatives of developing countries left without making clear commitments on how to control the money pot.

Climate expert Jan Kowalzig from Oxfam Germany described the agreement as “a milestone” and “a real success in the fight against climate change”. For years, such a pot of money has been blocked by rich countries for fear of being blamed for causing the climate crisis.

The industrialized countries’ action was long overdue, given the devastation the climate crisis has already wreaked on many of the poorer countries of the Global South.

Jan Kowalzig, Oxfam

1.5 degrees target approved, significant reduction in emissions agreed

Achieving the 1.5 degrees target requires immediate and sustained reductions in greenhouse gas emissions. These should be by 2030 43 percent Compared to 2019 level reduction and approx. 2050 should be worldwide greenhouse gas neutrality to reach.

What else was decided

  • Action program to reduce greenhouse gas emissions: Countries that have not yet done so should tighten their national emissions targets by 2030. The program will initially run until 2026, but may be extended. The basis is the 2021 Glasgow Climate Pact.
  • “Clean energy mix”, including low greenhouse gas emissions and power generation with renewable energies: The EU pressed, among others, to include the demand for renewable energies to be included in the text. The accepted expression is significantly softer.

Source: ZDF

Timothy
Timothy
I am Timothy Glover, a professional journalist and content creator. I specialize in writing and editing for news websites, specifically covering politics. I have been working as an author at News Unrolled for the past five years and have built up a reputation for producing quality content that is both informative and engaging.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Dozens of flights delayed due to strike in Tel Aviv

Media: Tel Aviv airport staff stop check-in for flights as part of strike MOSCOW, February 8 - RIA Novosti....

Nugumanova answered the question about the man

Figure skater Nugumanova wrote on a social network that she does not have a boyfriendMOSCOW, February 8 - RIA...

Sausage makers in Russia hope to avoid price increases

Meat processing plant production. archive photo Sausage makers in Russia hope to avoid price increases due to case shortagesMOSCOW,...

Ant-Man and the Wasp: Quantum Mania, the very first reactions to the film

What will critics think of Scott Lang's return and Kang's introduction in Ant-Man and the Wasp: Quantum Mania after...

Polish Defense Minister says Germany gives Ukraine too few tanks

Leopard 2 tank of the German army. archive photoPolish Defense Minister Blaszczak disappointed that Germany delivered several tanks...

Russian teacher told why he sat in Butyrka for 3 hours

Russian coach Khokhlov still not paid from Facebook* in a case he wonMOSCOW, February 8 - RIA Novosti. Russian...

Must read

Dozens of flights delayed due to strike in Tel Aviv

Media: Tel Aviv airport staff stop check-in for flights...

Nugumanova answered the question about the man

Figure skater Nugumanova wrote on a social network that...
- Advertisement -spot_img

You might also likeRELATED
Recommended to you