Climate Negotiators Reach Framework to Aid Vulnerable Countries - Bloomberg
Climate Negotiators Reach Framework to Aid Vulnerable Countries - Bloomberg
Climate Negotiators Reach Framework to Aid Vulnerable Countries
- Blueprint would offset loss and damage from extreme weather
- The deal doesn’t demand immediate funding from rich nations
Children walk over muddy ground during drought conditions at Lake Titicaca in Huarina, Bolivia. Photographer: Marcelo Perez del Carpio/Bloomberg
Global climate negotiators reached a framework for a fund to help vulnerable nations deal with loss and damage from increasingly extreme weather, though the breakthrough was marred by sparring over exactly how the program would be funded.
Delegates meeting in Abu Dhabi agreed late Saturday that the World Bank will host a new Loss and Damage Fund on an interim basis for four years — breaking an impasse after months of negotiations. They also set basic guideposts for funding, with developed countries urged to provide support. The discussion next heads to the United Nations climate change summit known as COP28, which starts in Dubai later this month.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”