On the third day of the COP27 meeting, some European countries have provided funds to help developing nations tackle the climate crisis.
As the COP27 meeting rolls on in Egypt, developing countries continue with their appeals for international help to tackle the climate crisis. Normally, the Conference of Parties (COP) addresses the possible mitigation policies, those that try to reduce emissions by developed countries. The Kyoto Protocols and the Paris Agreements are two main examples.
This year, however, the COP27 will focus on adaptation policies developing countries can take to tackle the already existing effects of climate change. Countries like Kenya, Pakistan, South Sudan and the Pacific Island nations suffer the most from the climate crisis. Droughts and floods kill millions every year, and they will only get worse as emissions continue.
And rich countries are to blame. The US, Europe and China are the biggest emitters in the world, and the effects of their industrialization are felt by non-developed countries. Even with promises of de-carbonization (which then are contradicted by concrete actions), they will not change the grim reality.
Furthermore, an Oxfam report showed that billionaires are the most responsible for carbon emissions. The report takes into account billionaires’ opulent lifestyle, with yachts and private jets, as well as their investments into emitting industries. The results show that a billionaire emits one million times more than an average person. 125 billionaires are enough to emit as much as the entirety of France.
What can the COP27 do
The choice of location for the COP27 is not casual. Egypt is one of the many African countries that has to deal with emissions caused by rich countries. Antonio Guterres, UN General Secretary, called for reparation funds by the developed world.
According to research, climate change reparation will amount to 580 billion dollars by 2030, and almost two trillions by 2050. If we act now, we might avoid spending so much in the future. But while many European countries (as well as the US) avoid taking liability for their emissions, small steps are being taken.
At the COP27, five European countries pledged funds to the “loss and damage” reparation pool. Belgium, Austria, Germany, Denmark and Scotland all provided hard cash for developing countries’ needs. The figures are still in the millions, but it’s a start.
Rich countries have pledged to raise funds for more than a decade now. By 2023, the finance pool should reach 100 billion dollars annually, a goal that has been cut short every year so far. But, if promises are kept, next year 100 billion dollars should be provided to developing countries as aid against the climate crisis.
The rationale behind all these investments is that they will benefit rich nations as well as the developing ones. First, they would contrast the effects of climate change (which if continues will destroy developed countries as well) but then they would offer incredible long-term returns.
The World Economic Forum showed the example of the Green Climate Fund, which attracted almost 20 billion dollars in sustainable activities in developing countries. The return on the investment, according to the WEF, was four times that.
