Just another COP out?
As the sun rises on day 4 of COP27, one big narrative is emerging- that of loss and damage, and who should pay for it.
The effects of climate change disproportionately impact indigenous and first nations peoples and those in developing countries. The largest polluters, on the other hand, are the biggest economies, namely the US, EU, UK, Australia and Canada. Historically, these countries have used their power to delay and block the creation of a loss and damages fund, which would support developing nations in adapting to their rapidly degrading land.
Yesterday proved a big day for such a fund, as climate experts challenged US climate representative John Kerry on “America’s decades-long game plan of denial, delay and deception” when it comes to ‘loss and damage’, calling for the US to ‘change from being obstructive to constructive’.
As of yesterday, just five European countries, Austria, Scotland, Belgium, Denmark and Germany, as well as New Zealand, have pledged to financially support such a loss and damage framework. Rishi Sunak, meanwhile, focused his statement on green growth. He announced financial support for green projects including solar parks and energy storage innovation in countries including Kenya and Egypt but did not explain how the UK would directly compensate vulnerable countries who he said had been “unfairly burdened with the carbon debt of richer nations”.
Stay tuned for updates!
Natasha Jacobs – ESG Consultant, Earth Active