SHARM EL-SHEIKH (Reuters) – Negotiating as COP 27 on pollution Some small European governments have stepped up funding for “loss and damage”, which should help vulnerable countries pay for costly extreme weather events triggered by climate change.
So far, this modest figure is nowhere near the hundreds of billions of dollars predicted by experts, who predict every year 2030 the need to help communities repair and rebuild in the event of a disaster But the moves break with decades of practice by wealthy nations that have refused to offer such compensation or discuss their historic responsibility for climate change for fear of taking responsibility.
Here are the commitments made so far:
Scotland is a country within the UK and was the first country to offer Lost and damaged money at the UN climate summit last November with a symbolic £2m pledge to encourage other countries to follow suit.
While fragile states say one-off pledges are not feasible in lieu of a fund that provides ongoing support, some praised Scotland’s leadership in acknowledging the issue.
At the COP on Tuesday 27 Chief Minister Nicola Sturgeon pledged an additional £5 million, bringing the total to £700 million pounds.
Denmark commits 100 million DKK in September, focusing on including the Sahel Vulnerable regions including
Chancellor Olaf Schulz at the COP 27 that Germany will be a developing country at the forefront of climate impacts for the G7 and the Climate Vulnerability Forum Group 58. The initiative aims to strengthen insurance and disaster protection financing.
Scholz did not specify what the German funding would cover or for how long it would be offered. Countries are expected to formally launch the Global Shield later in the summit.
Austria will provide at least 50 millions of euros for settlement over the next four years loss and damage, the government said on Tuesday.
These funds could support the San Diego Network, a technology-providing UN program that supports countries facing damage from climate-induced natural disasters and provides early warning to countries vulnerable to extreme weather system.
Irish Prime Minister Michael Martin pledged to the 170 Global Shield initiative million euros.
Belgium pledged 2.5 million euros on Monday as – from 2023 to 2028 million euros in climate-related support to the southern African country of Mozambique.
The government said its funding would focus on preventing and limiting loss and damage, such as mapping areas vulnerable to storm surges and rolling out early warning systems.
Some fragile states indicated that this type of funding does not count as “loss and damage” funding, which they believe should compensate countries for unavoidable disasters the cost of.
Rich countries have provided funding to help countries adapt to climate change by preparing for worse weather impacts, although the funding fell short of pledged amounts. $300 million in climate finance was provided in 2020 rich countries, one third of which was used to adapt to climate change.