Getting the World Bank’s Climate Action Plan Wrong: The Risk of Climate Change Impacts for Developing Countries, developed Countries, and the Polluter
After a series of tense meetings over the last year, countries agreed to base the fund at the World Bank temporarily for four years. Some developing countries raised concerns that would burden them with high fees and too much influence from richer nations. There will be equal representation on the board for developing countries.
The world’s strategy on climate change was marked by the draft resolution on aloss and damage fund. It is the end result of a 30-year effort by low and middle income countries to be compensated for their losses due to the effects of climate change.
The key test now, Mitchell adds, is whether the fund can get the money to the places it is needed, fast. The hard work starts with actually getting it to work, and getting money to the frontline of climate impacts, he says.
It is unclear how much money rich countries, developed countries and the polluter will be willing to put into the fund for the fight against climate change.
It is also a major achievement for the conference hosts, the United Arab Emirates (UAE), which has been criticized by climate campaigners in the run up to the COP – the conference president Sultan Ahmed Al-Jaber, chairs the Abu Dhabi National Oil Company as well as Masdar, a state-owned renewable energy company.
For years, developing countries have sought compensation for the damages caused by climate change. The US and Europe are responsible for the majority of greenhouse gas emissions going back to the Industrial Revolution. Developing countries are bearing the brunt of the impacts, having contributed little to climate change.
John Kerry said that they expected it would be drawn from a wide variety of sources. The scale of the challenge makes it difficult for a government to finance itself alone.
The US made an announcement of $17.5 million as well. Republicans in Congress are against the Biden Administration over international climate spending.
The initial contributions will mainly get the fund up and running. Germany and the United Arab Emirates both announced $100 million. The United Kingdom announced sixty million pounds and Japan ten million. The EU will give over 200 million euro.
How would the Caribbean island of Barbados help us to rebuild? A climate change ambassador says the cost of rebuilding will be much larger than expected if the country gets richer
“This climate problem was caused by the industrialization of rich countries,” says Avinash Persaud, special climate envoy for Barbados. It is the way that they got rich. And so they do need to show recognition and some responsibility in helping to finance the reconstruction and rehabilitation costs of climate impacts.”
She said they were looking at around 2 or 3% of the national GDP to get ready. “Our way of life and our ability to live here, our ability to even have an economy is threatened.”
Increasing sea levels are threatening coastal development, so residents will need to be relocated. saltwater creeps inland, threatening their fresh water supply. Black-Layne says preparing for the impacts of climate change will cost hundreds of millions of dollars.
The cost of rebuilding has been challenging, she says. Preparing the country for the next storm isn’t taken into account when rebuilding. The island’s buildings and homes are built to resist category 2 hurricanes. Upgrading them to withstand stronger storms, by adding features like wind-resistant roofs, just adds to the cost.
“You have to replace everything,” says Diann Black-Layne, Antigua and Barbuda’s climate change ambassador. There’s no place for the people to go after the homes are damaged. And the whole island gets hit – the entire population is affected.”
It is extremely vulnerable to hurricanes that are becoming more destructive as the climate warms. Hurricane Ima hit the islands. The storm’s size was larger than the islands themselves and left widespread destruction in its wake.
Source: Countries promise millions for damages from climate change. So how would that work?
Towards a Climate-Aware Development Mechanism for Developing Countries: COP28 Addresses Problems of the World’s Largest Collision
“Pledges should be commensurate with the scale of the needs for loss and damage, which is already costing hundreds of billions of U.S. dollars a year,” said Angela Rivera, speaking for Colombia at the COP28 summit. We have lost 30 years of time and need to scale up quickly.
Some issues are still being sorted out by countries, such as which countries will pay into the fund and which countries will receive funding.
The idea is to aid developing countries that are already dealing with devastating impacts, like hurricanes, droughts and floods. Initial funding is a small part of the overall need. The UN found it would cost developing countries up to $387 billion a year to adapt to climate change.
As climate change negotiations kicked off in Dubai, countries reached a historic agreement for a new fund to help developing countries which bear the brunt of climate impacts.