At the same time, rising global temperatures have intensified deadly floods in places such as Pakistan and Nigeria, causing record heat waves across Europe and Asia. Millions of people are at risk of famine due to drought.
Much of the focus over the past two weeks has been on loss and damage.
Developing countries, mostly from Asia, Africa, Latin America, the Caribbean and the South Pacific, were the first to battle to put the reparations fund discussion on the formal agenda of the two-week summit. And they were ruthless in their pressure campaign, claiming it was a matter of justice and noting that they contributed little to the crisis that threatened their existential. And it is considered a moral failure if it ends without dealing with the damage.
As the summit drew to a close, the European Union agreed to the idea of a reparations fund, but any aid should be focused primarily on the most vulnerable countries, and that aid would include insurance programs in addition to new direct payments. .
It left the US. sent more greenhouse gases into the atmosphere More than any country in history as the last big holdout. By Saturday, with negotiations running into after hours, US officials broke the deadlock by saying they would accept the loss and damage fund.
Still, big hurdles remain.
There is no guarantee that wealthy countries will deposit money in the fund. Ten years ago, the United States, the European Union and other wealthy emitters pledged to mobilize $100 billion a year in climate finance by 2020 to help poorer countries transition to clean energy and improve their future through measures such as building seawalls. committed to help them adapt to climate risks.they Still not enough tens of billions of dollars annually.
And while U.S. diplomats have agreed to the fund, the money must be appropriated by Congress. It was then that he stayed and the Democrats took control of both houses. With the Republican Party set to take over the House in January, the prospects for Congress to approve an entirely new funding vehicle to compensate for loss and damage look bleak.
Wyoming Republican Senator John Barrasso said, “The transfer of US taxpayer dollars to the UN-backed Green Slash Fund is completely misguided.” We should focus on spending less at home, rather than sending money to the United Nations in 2020. Innovation, not compensation, is the key to fighting climate change.”