Climate change compensation fight brews ahead of COP27 summit – Reuters

by | Aug 8, 2022 | Climate Change

Seawater floods past an ineffective sea wall into the community of Veivatuloa Village, Fiji, July 16, 2022. Leaders of 15 low-lying Pacific island nations declared climate change their “single greatest existential threat” at a mid-July summit in Fiji’s capital, Suva. Facing some of the most direct effects of climate change, they want developed nations, who contributed the most to global warming, not only to curb their emissions but to pay for the steps that islanders must take to protect their people from rising sea levels. REUTERS/Loren ElliottRegister now for FREE unlimited access to Reuters.comRegisterBRUSSELS, Aug 8 (Reuters) – Tensions are mounting ahead of this year’s U.N. climate summit, as vulnerable countries ramp up demands for rich countries to pay compensation for losses inflicted on the world’s poorest people by climate change.When diplomats from nearly 200 countries meet on Nov. 7 in the beachside resort town of Sharm El Sheikh, Egypt, negotiations will tackle how to cut the CO2 emissions causing climate change and cope with existing climate impacts, including deadly heatwaves, wildfires, rising seas and drought.But another issue is likely to dominate the talks: “loss and damage,” or climate-related destruction to homes, infrastructure and livelihoods in the poorest countries that have contributed least to global warming.Register now for FREE unlimited access to Reuters.comRegisterThe world’s 46 least developed countries, home to 14% of the global population, produce just 1% of the world’s annual CO2 emissions from burning fossil fuels, according to the U.N..As COP27 approaches, climate losses are surging – in rich and poor countries alike. In recent weeks, wildfires have swallowed huge swathes of land in Morocco, Greece and Canada, drought has ravaged Italy’s vineyards, and fatal floods hit Gambia and China. read more “That’s been the critical juncture. We’ve been affected and talked about it for a long time. But now rich countries are being affected as well,” said Saleemul Huq, an adviser to the Climate Vulnerable Forum group of 55 countries.Wealthy countries also failed to deliver a promise for $100 billion a year by 2020 to help poor countries lower emissions and prepare for climate change. read more Loss and damage payments would be in addition to that $100 billion.”It’s not ambiguous. Finance means mone …

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