“Poison” for COP26 is the promise that rich countries did not keep to offer billions of dollars in aid to the poorest in order to tackle climate change. At the same time, however, developing countries want to promote it at the conference UN for the climate in Glasgow and another issue: that of compensation for the damage suffered.
In 2009, rich countries promised the poorest and most vulnerable to help them cope with climate change by offering them 100 billion a year by 2020. Acknowledging their failure, they presented shortly before the COP “a plan of fulfillment” which envisages the fulfillment of their commitment in 2030.
Developing countries feel that they are being mocked as they do not make a significant contribution to climate change and at the same time most of the money given to them goes to measures to reduce greenhouse gas emissions.
“You are the first to suffer and the last to receive aid,” UN Secretary-General Antonio Guterres admitted during the Climate Change Forum (CVF). in the context of the UN Climate Conference COP26 as broadcast by the Athens News Agency, citing AFP.
Gutters: Do more to protect vulnerable populations
At the same time, Antonio Guterres called for “more to be done to protect vulnerable populations from the clear and current dangers of climate change.”
The most vulnerable countries want these risks to be specifically addressed.
Tackling climate change and its effects is based on two pillars: “reducing”, for example, greenhouse gas emissions, and “adapting”, preparing to deal with the foreseeable consequences. Vulnerable countries want to add one more axis: the “losses and losses” that already exist.
This aspect is mentioned in the Paris Agreement while there is already “an international mechanism”, but rich countries are reluctant to discuss it specifically.
“There is mainly the fear that they will face a paranoia in terms of liability and compensation,” explains Yamin Dagnett of the World Resources Institute. “But this is not the issue, the issue is what will happen when these small islands disappear.”
That is why rich countries want the issue of “losses and losses” to be included in the “adjustment” axis.
According to Guterres, The aid needed by the most vulnerable countries is estimated at “300 billion a year with a horizon of 2030”.
And just “the failure to fund the adjustment (in climate change“is the one that turns into losses and losses,” said Abul Kalam Azad, a spokesman for the CVF presidency, which Bangladesh currently has.
“We need additional and separate funding from the $ 100 billion annual target for losses and damage,” said Aigaz Sajed Haigoum, Fiji’s Minister of Economy and Climate Change.
“This funding should not be added to the already existing debt of the countries,” he said.
Another version on the table is to reduce the debt of countries in exchange for them to invest in order to adapt to climate change.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
