Show us the money! Rich nations accused of ‚betrayal‘ at Bonn climate talks

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Crazy world of climate finance [image credit:]

The wealthier (due largely to intensive use of coal, oil and gas) countries have worked out that paying any money that looks like ‘climate compensation’ would be seen as an open-ended admission of liability, leading to endless claims from those less fortunate.
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As key talks end, rich and poor countries are at loggerheads on the divisive issue of loss and damage, says BBC News.
. . .
Poorer nations say rich ones have betrayed them by dragging their feet on paying for centuries of climate damage.

They were hoping to get compensation talks onto the official agenda for November’s COP27 climate conference.

But on the final day of climate talks in Bonn that is in doubt.

Developing countries say they are reeling from climate change caused by richer countries’ emissions over hundreds of years.

They say they need money to deal with the impacts of climate change because they suffer the effects more than richer nations and have less financial capacity to cope.

Island states and developing countries agreed to cut carbon emissions at last year’s COP26 climate conference on the back of promises that richer nations would finally set up a compensation process.

But in the discussions in Bonn, they say the issue has been side-lined by the US and Europe.

“The compromise was based on an understanding that countries would be willing to start talking and taking decisions on dealing with how to get that finance flowing for loss and damage,” said Alex Scott from E3G, an environmental think tank.

“And we haven’t seen that come to fruition here. Instead, we’ve seen a workshop set up to talk about how we can fix some of the problems.”

For many participants, a concept known as loss and damage has become the key issue in the global climate negotiations.

Continued here.

via Tallbloke’s Talkshop

June 16, 2022, by oldbrew

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