The modest tally so far is nowhere near the hundreds of billions of dollars that experts predict will be needed each year by 2030 to help communities repair and rebuild when disasters hit. COP27
SHARM EL-SHEIKH, Egypt – As negotiators at COP27 wrangle over whether wealthy polluters should help vulnerable nations pay for costly extreme weather events fueled by climate change, a handful of small, European governments has stepped up to offer “loss and damage” funds.
While vulnerable countries say one-off commitments are no substitute for a fund to provide ongoing support, some praised Scotland’s leadership in acknowledging the issue. Scholz did not specify what the German funding would cover or over which period it would be provided. Countries are expected to formally launch the “Global Shield” later in the summit.Austria will provide at least 50 million euros to tackle loss and damage over the next four years, the government said on Tuesday.
The government said its funding would focus on preventing and limiting loss and damage, for example by mapping areas vulnerable to storm surges and by rolling out early warning systems.
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