Rich and Poor Countries Reach Agreement on Climate Damage Fund: Updates from Abu Dhabi

Nov 5, 2023 at 11:09 PM Update: an hour ago

During the UN climate conference last year, countries agreed that there should be a climate damage fund. But for a long time it was uncertain what that should look like. That is why rich and poor countries entered into discussions this weekend and concrete steps were taken.

For a long time it seemed that rich and poor countries would not agree on the content of the climate damage fund. For example, what exactly the fund should look like, who will pay and who will receive money.

That would further complicate the upcoming UN climate summit, which will take place in Dubai at the end of November. That is why the parties spoke in Abu Dhabi prior to the summit.

The fund is intended to support the poorest and most vulnerable to help countries compensate for some of the damage caused by climate change.

Rich countries have to help pay

In Abu Dhabi, among other things, basic guidelines were agreed on the financing of the fund. According to news agency Bloomberg “developed countries are urged to provide support”. This is partly because poor countries suffer much more negative consequences of climate change than rich countries, even though they emit less.

Delegates also agreed that a climate damage fund should be organized by the World Bank for at least the first four years. That is remarkable, because for months developing countries said they were against it.

These countries feared that less money might go to the affected areas with an ‘intermediary’ such as the World Bank, Brandon Wu of human rights organization ActionAid previously explained. While this money is desperately needed to help vulnerable countries with damage caused by, for example, floods, drought or extreme weather. There may also be no direct access to this money.

It is uncertain whether enough has now been agreed in Abu Dhabi to reach an agreement at the climate summit in Dubai. Human rights activists fear that the tension of the negotiations will spill over into the talks in Dubai.

Beeld: Getty Images

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2023-11-05 22:09:28
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