Developed nations have been told they are falling way short of paying the sums needed to cover the impacts of climate change they have caused on developing countries.
Climate finance has been top of the agenda at negotiations at COP27 in Egypt, which started at the weekend. Talks have so far focused on adaptation funding and loss and damage payments for developing countries, with pressure mounting on developed countries to provide more funding.
Climate activists argue that vulnerable nations can’t adapt to climate change fast enough. They are calling for those nations most responsible for greenhouse gas emissions which have caused climate change to pay for the damage which cannot be adapted to, referred to as loss and damage payments.
The scale of the finance needed to aid adaptation and mitigation is enormous. Climate economist Nicholas Stern published research that $2trillion will be needed each year by 2030 to help developing countries to fund low carbon economic growth, and adapt to the effects of the climate crisis.
Prime Minister Rishi Sunak has committed at the conference to “triple the funding available for climate adaptation from £500m in 2019 to £1.5bn in 2025”, in order to help countries most vulnerable to the impacts of climate change. However, analysts argue that this figure does not include any new funds, and is only a confirmation of funds already committed to.
Climate justice is high on the agenda for developing countries who need concrete action and funds to help them prepare for the worst impacts of climate change. These countries are already being impacted by climate change most acutely, through drought, flooding and more frequent extreme weather events.
Look out for more COP27 updates in CIWEM news and a special edition of Planet Possible podcast shortly after the summit finishes, co-hosted by Climate Change Committee Chair Lord Deben alongside regular host Niki Roach.
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