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. | Reuters
The world’s 46 least developed countries, home to 14 percent of the global population, produce just 1 percent of the world’s annual CO2 emissions from burning fossil fuels, according to the U.N.
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. Loss and damage payments would be in addition to that $100 billion. “It’s my hope that developing nations will galvanize their collective voices to push for adequate treatment of loss and damage,” said Matthew Samuda, a minister in Jamaica’s economic growth ministry who works on climate change.
Putting the topic on the COP27 agenda could open up discussions on where the money would come from, how it would be distributed or even how to define climate-induced losses. Some research suggests such losses could reach $580 billion per year by 2030.
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