Representatives of the nearly 200 countries attending COP27 will be weighing whether to create some form of compensation fund - a central demand by developing countries worldwide.
BRUSSELS, Belgium – Channelling climate compensation payments through existing funds will not work for vulnerable communities, a team of international researchers said on Tuesday, November 1, arguing that a new fund be created.
Representatives of the nearly 200 countries attending COP27 will be weighing whether to create some form of compensation fund – a central demand by developing countries worldwide. While numerous funds exist to help countries cut CO2 emissions and prepare for floods, rising seas and other climate impacts, they cannot readily help countries recover from losses and damages already being incurred from climate-fuelled natural disasters, the researchers argue. That is because of chronic funding delays or because recipient communities have limited involvement in decision-making, they said.
For example, most climate finance takes the form of loans, rather than the small grants the researchers said would support vulnerable communities without burdening them with debt.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
From climate negotiations to actions: Will COP27 be a turning point?The UN climate conference known as COP27 will convene in Sharm el-Sheikh, Egypt on 6 November 2022. It is taking place at a junction of unprecedented global challenges. The world economy is in turmoil, facing multiple, mutually reinforcing crises.
Read more »
Flood-hit Pakistan seeks loss and damage 'compensation' at COP27Pakistan has been battered by back-to-back climate catastrophes in recent years, and is struggling to find the funding it needs to recover from unprecedented flooding. COP27
Read more »
DOH bares surge in RSV cases; 200 children in PH affectedThe Department of Health reported more than 200 cases among Filipino children of respiratory syncytial virus, a contagious airborne illness that is recently putting pressure on hospitals in the United States. /PDI
Read more »
Relocation, financial aid to 200 affected Apas residents readied — Cebu City gov’tCEBU CITY, Philippines — As the ongoing demolition of structures located at controversial Lot 937 in Sitio San Miguel, Barangay Apas in Cebu City is seen to displace about 200 households, the
Read more »
China says US must 'take responsibility' for breakdown in climate tiesClimate change diplomacy between China and the United States cannot be separated from broader political tensions between the two sides, and Washington must take responsibility for the breakdown in talks, China’s foreign ministry said. COP27 READ:
Read more »