Poor countries demand climate compensation

Climate compensation for poor countries is a make-or-break theme at the UN climate summit in Egypt. Developing countries are demanding compensation from rich Western countries for ongoing global warming. In their view, the United States and the member states of the European Union are the major emitters, and the consequences of climate change, such as severe droughts and heavy rainfall, are the most vulnerable to developing countries.

However, the US and EU are cautious. They fear they will soon be responsible for billions in climate damages. And, according to them, a lot of financial climate aid already goes to developing countries. Additionally, the United States itself is increasingly affected by extreme weather such as devastating hurricanes.

At the previous climate conference, it was decided that rich countries would donate 100 billion dollars a year to poor countries. Funding has so far been close to $85 billion a year. That money will go towards mitigation investments in renewable energy (to combat climate change) and adaptation strategies for developing countries to better protect themselves from climate disasters.

According to poor countries, money should also be available for the damage already done. For example, Nigeria and Pakistan are currently experiencing their worst floods in years. Economic damage runs into crores.