December 8, 2022

Taylor Daily Press

Complete News World

€300 million has already been pledged to compensate for losses and damages caused by climate change |  environment

€300 million has already been pledged to compensate for losses and damages caused by climate change | environment

Various countries and regions have already allocated more than 300 million euros to cover losses and damages caused by climate change. This is shown from the account of 11.11.11.

Loss and damage – loss and damage in UN climate terminology – relates to irreversible damages caused by climate change to which adaptation is no longer feasible. The most vulnerable countries have been demanding reparations from the rich countries for years, and at this COP the topic was officially on the agenda for the first time.

After (modest) pledges from Scotland (€2.29m) and Wallonia (€m) last year on the sidelines of COP26 in Glasgow, the number of pledges on the sidelines of COP27 has increased systematically. For example, Denmark has already allocated 10 million crowns (13 million euros) in September. Scotland and Wallonia have also increased their contributions in the meantime.

Belgium also set aside €2.5m of the €25m pledged to Mozambique specifically for losses and damages at the start of COP27.

Universal shield

However, the largest commitment comes from Germany, which has set aside 170 million for the “Global Shield” initiative, which aims to insure vulnerable countries against damage from climate change. Other countries, including Canada and Ireland, have also made commitments. However, NGOs fear that the initiative will partially fail its aim because it is about insurance rather than additional financial resources.

There are also promises from New Zealand (about 12 million euros) and from Austria (50 million euros for the period 2023-2026).

In total, this amount is about 300 million euros. NGOs welcome these initiatives, but for now they are just a drop in the bucket. Hundreds if not thousands of billions are needed to cover the real damage. For example, the V20, which represents the 58 most vulnerable countries, has estimated that damage from climate change in member states since 2000 has already reached US$525 billion.

See also  New US Law Could Be Bad for All Cryptocurrencies Outside Bitcoin » Crypto Insiders