The Japan Times - Joy at 'historic' climate damages deal

EUR -
AED 4.236702
AFN 76.139772
ALL 93.404971
AMD 420.508216
AOA 1059.0311
ARS 1713.661212
AUD 1.63963
AWG 2.076532
AZN 1.962383
BAM 1.954883
BBD 2.315524
BDT 141.963408
BHD 0.4335
BIF 3411.614467
BMD 1.153629
BND 1.475533
BOB 13.651774
BRL 5.854781
BSD 1.149646
BTN 109.600014
BWP 15.675715
BYN 3.344346
BYR 22611.125577
BZD 2.312225
CAD 1.618391
CDF 2624.505383
CHF 0.932219
CLF 0.02698
CLP 1065.31818
CNY 7.788498
CNH 7.787895
COP 3616.94948
CRC 522.159592
CUC 1.153629
CUP 30.571165
CVE 110.214734
CZK 24.214094
DJF 204.724855
DKK 7.474886
DOP 66.699291
DZD 153.293567
EGP 58.192036
ERN 17.304433
ETB 183.716918
FJD 2.552346
FKP 0.855699
GBP 0.856068
GEL 3.016724
GGP 0.855699
GHS 13.43987
GIP 0.855699
GMD 84.786541
GNF 10092.309643
GTQ 8.771999
GYD 240.490318
HKD 9.047098
HNL 30.804684
HRK 7.534469
HTG 150.326652
HUF 363.349217
IDR 20756.090376
ILS 3.51227
IMP 0.855699
INR 109.803029
IQD 1506.086997
IRR 1586383.88046
ISK 142.000089
JEP 0.855699
JMD 182.003837
JOD 0.817881
JPY 180.461587
KES 149.281774
KGS 100.885006
KHR 4652.039611
KMF 492.599566
KRW 1645.294067
KWD 0.35714
KYD 0.958055
KZT 544.766822
LAK 26036.125512
LBP 102955.451897
LKR 385.94398
LRD 207.511761
LSL 19.016027
LTL 3.406366
LVL 0.697819
LYD 7.355582
MAD 10.739802
MDL 20.090837
MGA 4916.714978
MKD 61.544411
MMK 2422.255061
MNT 4145.598238
MOP 9.287503
MRU 46.204727
MUR 54.151159
MVR 17.835214
MWK 1993.473542
MXN 19.964874
MYR 4.725243
MZN 73.728591
NAD 19.015862
NGN 1569.177788
NIO 42.310336
NOK 10.953826
NPR 175.358503
NZD 1.960171
OMR 0.443565
PAB 1.149636
PEN 3.896172
PGK 5.147608
PHP 70.29042
PKR 319.287413
PLN 4.304212
PYG 6854.814255
QAR 4.202683
RON 5.245898
RSD 117.399053
RUB 91.49872
RWF 1687.715641
SAR 4.317605
SBD 9.322596
SCR 16.983364
SDG 692.177424
SEK 10.961147
SGD 1.478047
SLE 28.492096
SOS 656.988972
SRD 43.585831
STD 23877.788151
STN 24.488619
SVC 10.059325
SZL 19.013164
THB 38.436617
TJS 10.611177
TMT 4.049237
TND 3.379759
TRY 54.839941
TTD 7.806372
TWD 37.25057
TZS 3051.585927
UAH 51.312553
UGX 4317.0311
USD 1.153629
UYU 46.258101
UZS 13761.604354
VES 860.256886
VND 30326.018551
VUV 137.339694
WST 3.154588
XAF 655.652288
XAG 0.019843
XAU 0.000284
XCD 3.11774
XCG 2.071937
XDR 0.815421
XOF 655.652288
XPF 119.331742
YER 274.905073
ZAR 18.977552
ZMK 10384.038595
ZMW 21.595963
ZWL 371.468021
  • RBGPF

    0.0000

    69.21

    0%

  • CMSC

    0.0300

    21.84

    +0.14%

  • BCC

    1.0000

    76.38

    +1.31%

  • RIO

    -0.3300

    96.85

    -0.34%

  • GSK

    -0.3800

    51.69

    -0.74%

  • NGG

    -0.4200

    79.97

    -0.53%

  • BTI

    -1.0400

    60.65

    -1.71%

  • AZN

    -1.7000

    169.64

    -1%

  • BCE

    -0.0200

    21.68

    -0.09%

  • BP

    1.0000

    45.22

    +2.21%

  • RELX

    -1.1900

    35.42

    -3.36%

  • JRI

    0.0900

    12.96

    +0.69%

  • CMSD

    0.0900

    22.11

    +0.41%

  • RYCEF

    -0.3100

    19.55

    -1.59%

  • VOD

    -0.3600

    15.78

    -2.28%

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."

S.Fujimoto--JT