The poorest countries of the Southern Hemisphere have, for years, requested aid from richer countries to pay for damage caused by the climate crisis, yet their voices remain unheard.
Simon Kofe, Tuvalu's minister of justice, communications and foreign affairs, delivered his knee-high prerecorded speech in water to illustrate how pressing climate change is in Tuvalu.
One of the most noteworthy outcomes of COP26, was the failure of the wealthiest nations to take responsibility for the role they play in the climate crisis. Less economically developed countries, which produce significantly lower emissions but face the most adverse impact of climate change, have fought for reparations for decades, or as the conference labelled them, “loss and damage.”
To date, only Scotland has promised approximately $2.8m, prompting a group of island nations to declare that it would not be part of ambitious emissions cuts, unless governments increase financial support, and recognise and factor in loss and damage. Estimated costs are approximately $300-$600 billion per year, yet wealthy countries have not yet managed to meet the annual fund target of $100 billion per year, promised to be achieved by 2020.
Possible course of action:
within the private sector lies substantial interest in funding projects that combat climate change, however little attention is paid to reparations for damage already caused and investment in the prevention of future issues. Brands could finance clean energy in LEDCs, also helping them mitigate increasingly frequent natural disasters.
Comentarios