Demand to raise the compensation money as promised by the developed countries in the COP-27 conference

The COP 27 climate change conference organized by United Nations started in Egypt. World leaders are discussing what to do to combat the effects of climate change.

In this discussion, the issue of compensation promised to developed countries to countries affected by climate change will prevail.

However, analysis shows that developed countries such as the United States, United Kingdom, Canada, and Australia still need to catch up to what they promised to pay as compensation.

Carbon emissions are one of the leading causes of climate change. Countries with high carbon emissions have pledged to pay compensation to low-carbon-emitting countries.

This compensation is essential to combat the harmful effects of climate change. However, these countries still need to meet the target of reparations.

Therefore, in this year’s COP-27 conference, there has been a demand from the affected countries to be vocal in collecting the compensation money as promised by the developed countries.

Developed countries pledged to allocate $100 billion annually in Paris Agreement to climate change compensation funds by 2020. The United States expects to pay the most in reparations—$40 billion annually.

However, in 2020, the country gave only 7.6 billion dollars. Last year’s account has yet to be made available. Australia and Canada have given only one-third of their pledged money. Meanwhile, the UK has yet to release one-third of the money.

There is no hope of progress on the issue of compensation in this year’s climate conference. Due to climate change, and the emergency happening in the world, the responsibility of the affected countries is little.

However, through the funds’ allocation from rich countries, a relationship of trust will create in the case of all countries working together to deal with this global crisis.

Rich countries have accepted the fact that the survival of the affected countries is uncertain. They have promised much less financial aid than is needed to deal with the crisis and are not fulfilling it.

Weather is misbehaving due to climate change. Global temperatures are also rising. Rich nations pledged $100 billion in aid in Paris Agreement to reduce carbon emissions and take action to protect people at risk from the effects of climate change.

Although this figure is much less than the requirement, rich countries must allocate money as promised. There is little progress in dealing with this crisis.

Several reports have been published in this regard in the last week. Those reports highlight how much the world is at risk due to climate change.

There has yet to be any convincing progress on the agreement all countries agreed to on limiting global temperature rise to 1.5 degrees Celsius. UN Secretary-General Antonio Guterres spoke about the crisis.

Guterres said, “From the harmful effects of climate change taking action to save billions of people, the world needs to increase investment in this sector.

Meanwhile, the situation is getting more complicated day by day. Some of the effects of climate change are so severe that experts believe no action can take now. Now the affected countries will also ask for money to deal with the harmful effects if a disaster hits them.”