Citing a recent assessment on carbon emissions, CNBC reported that developed countries, despite traditionally being the main source of excess emissions, are not making their fair share of the problem.
“We are still on a highway to climate hell with our foot on the accelerator,” said UN Secretary-General Antonio Guterres.
The agenda for the annual climate summit includes funding for the loss and damage caused by climate disasters for the first time in 28 years. Over the past several years, India has been one of the emerging countries that have pushed for this. Union Environment Minister Bhupendra Yadav argued for a clear definition of climate finance and urged wealthy countries to take their fair share and pay.
Speaking at COP27, Minister for Environment and Climate Change, Bhupendra Yadav said, “Climate finance is still a mirage, and effective climate adaptation such as early warning for all should help us to collectively reduce vulnerabilities in our region and ensure preparedness. and ensure quick and timely response to natural hazards.”
Rich countries are committed to contribute $100 billion by 2020. Even after two years, they are still far from achieving their goal. Worse, they are not even contributing a fair proportion of their emissions, according to a study by Carbon Brief.
To offset its carbon emissions, the United States must provide $39 billion. However, the analysis shows that the US contributed just $7.6 billion in 2020. This is less than a fifth of the US’s fair contribution to climate change funding.
Josh Gabatis, climate correspondent for Carbon Brief, said, “Carbon analysis shows – countries with historical responsibility for climate change are far behind. The US which is responsible for a fifth of all CO2 emissions released in 2020 Contributed only $8 billion which may sound like a lot, but it’s less than the $32 billion it should.
America itself is not alone. Many wealthy countries do not contribute properly to climate financing. Canada is only making its fair share of the contribution, which is 37%. With regard to its emissions, the UK is paying its fair share at 76% and Australia at 38%.
Exceptions include countries such as France, Germany and Japan. They are contributing much more than they should, but there is a catch: these countries are giving loans instead of grants.
The outbreak of COVID-19 and the conflict in Ukraine have raised energy prices globally. The switch to green energy has been put on hold for the time being. However, the threat posed by climate change is only increasing, and the demand for appropriate climate financing is only increasing.