Rich countries agreed to pay compensation for climate protection
Representatives of nearly 200 countries have agreed to provide financial assistance to countries affected by natural disasters caused by climate change. They agreed on the compensation fund at the 27th UN Climate Conference in Sharm El Sheikh, Egypt.
Stakeholders at the conference agreed to create a ‘Loss and Damage’ fund to help cover immediate costs in the event of climate-related disasters such as storms and floods. The COP 27 president released a draft outline of the ‘Loss and Damage’ agreement.’
The ‘Loss and Damage’ fund will be used to deal with the damage to developing countries’ physical and social infrastructure caused by climate change effects and to conduct rescue and reconstruction.
For more than a decade, developing countries have been urging rich countries to help compensate for the damage caused by climate change.
However, rich countries are trying to avoid liability with limited cash. However, they also promised to help reduce greenhouse gas emissions and build defenses against extreme weather.
Earlier, rich countries had been arguing against a ‘loss and damage fund.’ They argued that it was too time-consuming. They also questioned whether all needed it and how they would implement it.
Meanwhile, the BBC reports that the draft agreement lacks guidance on reducing carbon emissions. At the COP26 conference in Glasgow, Scotland, they promised that plans to reduce carbon emissions should renew every year.
However, the COP-27 conference has nothing to do with keeping that promise. Even measures to reduce the use of fossil fuels have yet to mention. Apart from this, the new draft agreement does not specify how any country will finance it.
