Climate compensation for poor countries is the topic that will make or break the UN climate summit in Egypt. Developing countries are demanding compensation from wealthy Western countries for the current global warming phenomenon. In their view, the US and EU member states, as major emitters, are responsible for the consequences of climate change, such as severe droughts and torrential rains, while developing countries suffer the most.
However, the United States and the European Union are cautious. They fear that they will soon be responsible for billions of dollars in climate damage. Moreover, in their opinion, much of the climate financial aid is already going to developing countries. In addition, America itself is increasingly affected by severe weather, such as devastating hurricanes.
At previous climate conferences, it was decided that rich countries would donate $100 billion annually to poor countries. Funding so far has been close to $85 billion annually. This money will go towards mitigation (fighting climate change) investments in renewable energy, and adaptation technologies for developing countries to better protect themselves from climate disasters, such as high dams.
According to poor countries, funds must also be provided for the damage already done. For example, Nigeria and Pakistan are currently experiencing the worst floods in years. Economic damage amounts to tens of billions.
