The Prague Post - Joy at 'historic' climate damages deal

EUR -
AED 4.118085
AFN 72.327475
ALL 90.580734
AMD 404.578149
ANG 2.00694
AOA 1028.259752
ARS 1712.747989
AUD 1.598703
AWG 2.021198
AZN 1.903137
BAM 1.954737
BBD 2.257372
BDT 138.614608
BGN 1.959896
BHD 0.422928
BIF 3361.771555
BMD 1.12133
BND 1.431721
BOB 13.174834
BRL 5.665411
BSD 1.12079
BTN 106.199765
BWP 15.396626
BYN 3.314197
BYR 21978.070272
BZD 2.254074
CAD 1.570614
CDF 2597.000736
CHF 0.920786
CLF 0.028087
CLP 1105.418227
CNY 7.488298
CNH 7.481834
COP 3575.349861
CRC 511.47164
CUC 1.12133
CUP 26.89837
CVE 110.197694
CZK 24.281841
DJF 199.581449
DKK 7.474596
DOP 68.775847
DZD 151.142973
EGP 62.00673
ERN 16.819952
ETB 183.578653
FJD 2.508639
FKP 0.838026
GBP 0.837129
GEL 2.903798
GGP 0.838026
GHS 12.989935
GIP 0.838026
GMD 82.978397
GNF 9919.604792
GTQ 8.565303
GYD 234.442488
HKD 8.793319
HNL 30.086636
HRK 7.534896
HTG 146.849475
HUF 366.175937
IDR 20248.250369
ILS 3.491152
IMP 0.838026
INR 106.312468
IQD 1699.075884
IRR 2054697.270937
ISK 136.19673
JEP 0.838026
JMD 177.933223
JOD 0.79498
JPY 175.966951
KES 145.61615
KGS 98.059312
KHR 4559.377873
KMF 492.842984
KPW 1009.197061
KRW 1485.594095
KWD 0.348038
KYD 0.933992
KZT 502.066929
LAK 25227.279049
LBP 100365.711751
LKR 372.037651
LRD 191.095212
LSL 18.485046
LTL 3.310997
LVL 0.678282
LYD 7.180095
MAD 11.000817
MDL 20.129052
MGA 5082.235805
MKD 61.586768
MMK 2355.184548
MNT 4036.851961
MOP 9.051777
MRU 44.786641
MUR 52.713464
MVR 17.335666
MWK 1943.442974
MXN 20.998112
MYR 4.579406
MZN 71.602163
NAD 18.485046
NGN 1492.434425
NIO 41.247566
NOK 10.457865
NPR 169.903923
NZD 1.969269
OMR 0.431087
PAB 1.12079
PEN 3.850406
PGK 5.01927
PHP 71.105777
PKR 310.203282
PLN 4.377565
PYG 6426.504666
QAR 4.096754
RON 5.3474
RSD 117.507568
RUB 91.832024
RWF 1656.499041
SAR 4.209702
SBD 9.054269
SCR 15.747974
SDG 674.478168
SEK 11.115
SGD 1.432353
SHP 0.83797
SLE 25.734597
SLL 23513.736798
SOS 640.551608
SRD 42.217519
STD 23209.269443
STN 24.486682
SVC 9.806666
SYP 14579.533814
SZL 18.482947
THB 37.822525
TJS 10.305503
TMT 3.935869
TND 3.340268
TOP 2.699893
TRY 55.772268
TTD 7.605863
TWD 36.560186
TZS 2965.91809
UAH 50.505031
UGX 4802.388013
USD 1.12133
UYU 44.935159
UZS 13345.741339
VES 986.533792
VND 28976.852191
VUV 133.357612
WST 3.100149
XAF 655.957
XAG 0.020789
XAU 0.000279317907
XCD 3.03045
XCG 2.019901
XDR 0.792839
XOF 655.957
XPF 119.331742
YER 264.744902
ZAR 18.51282
ZMK 10093.325175
ZMW 22.499763
ZWL 361.06784
SSP 6442.957706
MXV 2.370051
  • RBGPF

    -1.1000

    70.15

    -1.57%

  • CMSC

    -0.0700

    19.6

    -0.36%

  • RYCEF

    -0.3500

    17

    -2.06%

  • BCE

    0.8300

    20.81

    +3.99%

  • NGG

    1.8600

    82.64

    +2.25%

  • VOD

    0.2700

    16.12

    +1.67%

  • BCC

    2.7000

    78.29

    +3.45%

  • RIO

    -2.7800

    84.14

    -3.3%

  • CMSD

    -0.0250

    19.6

    -0.13%

  • RELX

    1.4900

    40.62

    +3.67%

  • GSK

    1.1900

    51.21

    +2.32%

  • AZN

    4.1200

    172.57

    +2.39%

  • BP

    0.2000

    50.05

    +0.4%

  • BTI

    1.5700

    60.47

    +2.6%

  • JRI

    0.0600

    10.68

    +0.56%

Joy at 'historic' climate damages deal
Joy at 'historic' climate damages deal / Photo: Paul ELLIS - AFP/File

Joy at 'historic' climate damages deal

Vulnerable nations least responsible for planet-heating emissions have been battling for three decades for wealthy polluters to cough up the cash for climate damages.

Text size:

Their final push took barely two weeks.

The "loss and damage" inflicted by climate-induced disasters was not even officially up for discussion when UN talks in Egypt began.

But a concerted effort among developing countries to make it the defining issue of the conference melted the resistance of wealthy polluters long fearful of open-ended liability, and gathered unstoppable momentum as the talks progressed.

In the end a decision to create a loss and damage fund was the first item confirmed on Sunday morning after fraught negotiations went overnight with nations clashing over a range of issues around curbing planet-heating emissions.

"At the beginning of these talks loss and damage was not even on the agenda and now we are making history," said Mohamed Adow, executive director of Power Shift Africa.

"It just shows that this UN process can achieve results, and that the world can recognise the plight of the vulnerable must not be treated as a political football."

Loss and damage covers a broad sweep of climate impacts, from bridges and homes washed away in flash flooding, to the threatened disappearance of cultures and whole island nations to the creeping rise of sea levels.

Observers say that the failure of rich polluters both to curb emissions and to meet their promise of funding to help countries boost climate resilience means that losses and damages are inevitably growing as the planet warms.

Event attribution science now makes it possible to measure how much global warming increases the likelihood or intensity of an individual cyclone, heat wave, drought or heavy rain event.

This year, an onslaught of climate-induced disasters -- from catastrophic floods in Pakistan to severe drought threatening famine in Somalia -- battered countries already struggling with the economic effects of the Covid-19 pandemic and soaring food and energy costs.

"Everyone also now realises that things have gone way beyond our control," said Harjeet Singh, head of global political strategy at Climate Action Network International.

- Who pays? -

The agreement was a high-wire balancing act, over seemingly unbridgeable differences.

On the one hand the G77 and China bloc of 134 developing countries called for the immediate creation of a fund at COP27, with operational details to be agreed later.

Richer nations like the United States and European Union accepted that countries in the crosshairs of climate-driven disasters need money, but favoured a "mosaic" of funding arrangements.

They also wanted money to be focused on the most climate-vulnerable countries and for there to be a broader set of donors.

That is code for countries including China and Saudi Arabia that have become wealthier since they were listed as developing nations in 1992.

After last minute tussles over wording, the final loss and damage document decided to create a fund, as part of a broad array of funding arrangements for developing countries "that are particularly vulnerable to the adverse effects of climate change".

Other key points of contention were left ambiguous, or put into the remit of a new transitional committee that will be tasked with coming up with a plan for making the decisions a reality for the 2023 UN climate summit in Dubai.

A reference to expanding sources of funding, "is vague enough to pass", said Ines Benomar, researcher at think tank E3G.

But she said debates about whether China -- the world's biggest emitter -- among others should maintain its status as "developing" was likely to reemerge next year.

"The discussion is postponed, but now there is more attention to it," she said.

For his part, China's envoy Xie Zhenhua told reporters Saturday that the fund should be for all developing countries.

However, he added: "I hope that it could be provided to the fragile countries first."

- 'Empty bucket' -

Singh said other innovative sources of finance -- like levies on fossil fuel extraction or air passengers -- could raise "hundreds of billions of dollars".

Pledges for loss and damage so far are miniscule in comparison to the scale of the damages.

They include $50 million from Austria, $13 million from Denmark and $8 million from Scotland.

Some $200 million has also been pledged -- mainly from Germany -- to the "Global Shield" project, launched by G7 economies and climate vulnerable nations.

The World Bank has estimated the Pakistan floods alone caused $30 billion in damages and economic loss.

Depending on how deeply the world slashes carbon pollution, loss and damage from climate change could cost developing countries $290 to 580 billion a year by 2030, reaching $1 trillion to 1.8 trillion in 2050, according to 2018 research.

Adow said that a loss and damage fund was just the first step.

"What we have is an empty bucket," he said.

"Now we need to fill it so that support can flow to the most impacted people who are suffering right now at the hands of the climate crisis."

A.Slezak--TPP