Low-income countries want more money for climate damage. They're unlikely to get it.
Facing mounting pressure to compensate low-income countries for damages they’re suffering from climate change, wealthy nations may try to move money they’ve already promised to other global warming goals rather than come up with new funding, according to experts and participants at the United Nations climate conference in Egypt.
Related Knowledge Center: Climate diplomacy: COP 27
The 27th Conference of the Parties (COP 27) produced a groundbreaking agreement to create a “loss and damage” fund to help developing nations cope with the impact of climate change.
But the conference, held from Nov. 6 to Nov. 20, 2022, in Sharm el-Sheik, Egypt, fell short of a hoped-for agreement to speed reductions of greenhouse gas emissions.
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Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”