Wealthy nations commit just $700m to loss & damage fund, a fraction of developing countries’ annual losses #COP28

Wealthy countries responsible for the climate emergency have pledged just over $700m to the loss and damage fund at COP28, which is less than 0.2% of the irreversible losses faced by developing countries due to global heating each year.

COP out. Wealthy countries most responsible for the climate emergency have so far pledged a total of just over $700m to the loss & damage fund – less than 0.2% of the irreversible losses developing countries face from global heating every year #COP28

You may also like to watch : Who Is Kamala Harris? Biography - Parents - Husband - Sister - Career - Indian - Jamaican Heritage

— Carbon Tracker (@CarbonBubble) December 7, 2023

COP out: Wealthy Countries Fall Short in Climate Funding

Wealthy nations, primarily responsible for the climate emergency, have come under fire for pledging a mere $700 million to the loss and damage fund at COP28. This contribution amounts to less than 0.2% of the irreversible losses that developing countries face every year due to global heating.

The loss and damage fund was established to provide assistance to countries grappling with the devastating impacts of climate change, such as rising sea levels, extreme weather events, and agricultural disruptions. These developing nations, with limited resources and infrastructure, bear the brunt of the consequences caused by the industrial activities of wealthier nations.

The disappointing funding commitment from wealthy countries has raised concerns about the fairness and effectiveness of global climate action. Developing nations have long argued that they require substantial financial support to adapt to and mitigate the impacts of climate change. However, the lackluster response from wealthier nations exacerbates the already existing inequalities in the fight against the climate crisis.

While the loss and damage fund aims to address the irreversible losses experienced by developing countries, the current funding falls short of meeting their urgent needs. Without adequate financial support, these nations struggle to build resilient infrastructure, protect vulnerable communities, and transition to sustainable economies.

The underwhelming response from wealthy countries at COP28 highlights the urgent need for a more equitable and ambitious approach to climate funding. It is crucial that developed nations honor their commitments to support developing countries in their climate resilience efforts. Failure to do so not only perpetuates injustice but also undermines the global fight against the climate emergency.

As the world grapples with the existential threat of climate change, it is imperative that nations come together to ensure a fair and sustainable future for all. This requires not just words and promises, but concrete action and financial support to address the consequences of global heating..

Source

@CarbonBubble said COP out. Wealthy countries most responsible for the climate emergency have so far pledged a total of just over $700m to the loss & damage fund – less than 0.2% of the irreversible losses developing countries face from global heating every year buff.ly/3uMZayN #COP28