The fund must be filled by developed countries, and funds from it will be directed to the countries most affected by climate change.
At the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) in Egypt’s Sharm el-Sheikh on the Red Sea, it was decided to create a fund to compensate for the damage associated with climate change. As decided on Sunday, November 20, a transitional commission will be formed to formulate recommendations in this regard.
They will be discussed at the next UN climate change conference in Dubai at the end of 2023.
The Commission shall consist of ten representatives from industrialized countries and 13 representatives from developing countries. The beneficiaries of the fund must be developing countries, which are particularly vulnerable.
Floods, droughts, sea level rise
Experts will consider damage caused by extreme weather events such as floods or droughts, as well as gradual changes such as sea level rise. It also includes the loss of cultural heritage.
A group of 20 of the 58 particularly vulnerable states alone estimated the cost of damages over the past 20 years at $525 billion (€587.3 billion).
By 2050, the amount of spending for these purposes worldwide could grow to 1.0-1.8 trillion dollars (967 billion-1.7 trillion euros) per year.
German Foreign Minister Annalena Burbock confirmed on November 17 at the COP27 conference that Germany had reached its goals of limiting global warming to one and a half degrees compared to the pre-industrial period.
The commitment of the G20 countries to these goals is a positive factor, but words alone are not enough, it is necessary to develop programs for the coming years with clear goals, said Burbock.
It was previously reported that the 27th UN Conference on Climate Change will for the first time consider financial assistance to poor states to overcome the damages and losses that have arisen in connection with global climate change.
Source: Russian Service DW
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.