Climate conference approves fund for climate-related damage

Die World Climate Conference in Egypt has agreed for the first time on a joint pot of money to compensate for climate damage in poorer countries. The representatives of around 200 states decided on the new fund early on Sunday morning. However, the necessary approval of the final declaration was still pending.

According to the decision, the first plan is to set up a transitional commission to draw up recommendations. This will then be discussed at the next UN climate conference in Dubai at the end of 2023.

The aim is to cushion the inevitable consequences of global warming, such as increasingly frequent droughts, floods and storms, but also rising sea levels and desertification. The question was the biggest point of contention throughout the two-week conference in Sharm el Sheikh, which was extended by around 36 hours.

“Important step towards justice”

The decision does not mention any sums for the new compensation fund. The conflict was also postponed as to whether emerging countries with high emissions and strong economic power such as China should also be among the contributors. However, there is already talk of “further sources of finance” that are not defined in more detail.

Developing countries that are particularly at risk are to be favoured. Especially the EU pounded. The US initially blocked the issue, while the group of more than 130 developing countries known as the G-77 mounted pressure along with China. After initial reluctance, the European Union finally changed its mind.

UN Secretary General Antonio Guterres praised the agreement of the world climate conference on a pot of money to compensate for climate damage as an “important step towards justice”. “Certainly this is not enough, but it is a much-needed political signal to restore lost trust,” Guterres said in a video message published on Twitter. The voices of the countries most affected by the climate crisis must be heard. The UN chief announced that the United Nations would closely monitor the process that had started.

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