2 mins read

Climate Justice: Funding Pledges From Rich Nations A Welcome Development – Observers

From Dare Akogun, Egypt

Funding pledges from rich countries at the ongoing COP27 summit in Egypt have been welcomed by observers and developing nations, who say they must pave the way for a broad global financing deal.

The controversial issue has been a key focus of the UN meeting having been put on the agenda for the first time, as a relentless surge of impacts wreak death, destruction and mounting economic losses on developing nations least responsible for planet-heating emissions.

Few European nations and regions have announced small funding pledges during the talks at COP27, with Germany, Austria, Ireland and Belgium saying they would make contributions.

Austria has offered $50 million and Belgium says it will give $2.5 million to Mozambique, adding to $13 million that Denmark has earmarked for loss and damage in North Africa and the Sahel.

Head of global political strategy at the Climate Action Network Harjeet Singh said these are good gestures which shows the issue has been acknowledged after years of advocacy.

He however said that this should not distract from calls by developing nations for a robust framework that can pay out when countries are hit by devastating floods, heatwaves and droughts, along with slow-onset impacts such as sea level rise.

Pledges so far are miniscule in comparison to the damages already incurred.

Scotland, which kicked off the loss and damage pledges last year when Britain hosted the COP26 summit, has also upped its contribution to $8 million.

Meanwhile, Germany is touting its “global shield” project, due to be officially launched in Egypt next week, as a way to provide climate risk insurance and prevention to vulnerable countries.

It announced $170 million for the project this week, while Ireland said it would contribute $10 million for 2023.

The Prime Minister of Antigua and Barbuda, told delegates on Tuesday 8, November 2022 that these countries “have begun to show the way” by recognising the need to provide funds to countries already being slammed by the impacts of climate change,” Gaston Browne.

“It would be right for the major polluters particularly those that have been involved in the historical use of fossil fuel energies to follow this example.”

The summit is taking place at as a devastating drought is threatening millions with starvation in the Horn of Africa.

Heatwaves and droughts have caused crops to wither on four continents, while Pakistan is still reeling from catastrophic flooding that destroyed homes, roads and bridges and swallowed vast areas of farmland.

The World Bank has estimated the Pakistan floods alone caused $30 billion in damages and economic loss. Millions of people were displaced and two million homes destroyed.

Rachel Cleetus, policy director and lead economist for the Climate and Energy Program, Union of Concerned Scientists, said climate disasters and rocketing fossil fuel prices were hurting countries already burdened with “crushing debt”.

She said that while measures like Germany’s insurance programme are important additions to loss and damage, they would be “inadequate” to deal with loss and damage more broadly.

“We’re talking about losing land to sea level rise and desertification. Insurance can help you up to a point but climate change is now creating conditions in many parts of the world that are beyond the bounds of what’s insurable,” she said.

“In a year like this, on this climate vulnerable continent of Africa, it would just be unconscionable to come away without an agreement on a loss and damage facility.”

Agency Reports / AFP.

Dare Akogun

Dare Akogun is a dynamic media innovator, strategic communication professional, and seasoned climate and environmental sustainability journalist with over 10 years of influential contributions to the media industry.

He Currently serving as the Head of Digital Media, Senior News Editor, and a presenter at Sobi FM 101.9, a leading radio station in Ilorin, Nigeria.

Dare is on a mission to leverage his media innovation expertise and project management skills to produce high-quality, accurate, and engaging content, while advocating for reduced fossil fuel consumption, especially coal, to combat effect of global warming.

He has covered comprehensively environmental issues and COP conferences, including COP28 in Dubai last year , COP 27 in Egypt, and the United Nations Least Developed Countries conference in Doha, in 2023.

He is a recipient of fellowship to be part of a 15 team of journalists selected worldwide to cover the Berlin Energy Transition Dialogue 2024.

He has a Master's Degree in Mass Communication, from the University of Lagos, a Bachelor's Degree in Journalism from the Lagos State University and also a
Certification in Business Administration and Management, from the Babson College, Massachusetts, United States of America.

Leave a Reply

Your email address will not be published.

Previous Story

UN Agency Launches Initiatives To Allow African Countries Invest In Building Climate Resilience

Next Story

54 Million Africans Affected By Natural Disasters Occasioned By Climate Change – Report