Developing nations have put forth a proposal for the United Nations (UN) to allocate a minimum of US$100 billion, equivalent to roughly Rp1,500 trillion, by the year 2030. This substantial funding is aimed at addressing the permanent and irreversible damage caused by climate change.
The forthcoming UN Climate Summit COP28 will witness various countries delving into discussions regarding the distribution of benefits and responsibilities related to this crucial financial initiative.
As reported by Channel News Asia, several nations are gearing up to tackle the intricacies of climate loss and damage funding during the pinnacle gathering scheduled from November 30 to December 12 in Dubai.
If this initiative sees the light of day, it will mark the UN’s maiden venture into establishing a dedicated fund specifically designed to counteract the irrevocable consequences of climate change, such as droughts, floods, and the rising sea levels that are triggered by this global environmental crisis.
Despite a consensus forming around this fund among numerous countries in the preceding year, there was a deferral of decisions on the most contentious aspects, particularly concerning which affluent nations would shoulder the financial burden.
In a recent session of the UN committee, developing countries spanning the continents of Africa, Latin America, the Asia-Pacific region, and small island nations jointly proposed the need for climate damage funding to be secured at a minimum of US$100 billion, or approximately Rp1,500 trillion, by the year 2030. The proposal, as published, underlines the imperative nature of this funding as a “minimum” threshold, serving as a vital safety net when the impacts of climate change exert excessive pressure on a nation’s resilience and resources.
Madeleine Diouf Sarr, the Chair of the Group of 46 Least Developed Countries staunchly supporting this US$100 billion proposal, emphasized that the ramifications of climate-induced losses and damages transcend environmental setbacks, extending their harmful influence to disrupt and impede decades of painstaking development efforts.
However, it’s crucial to acknowledge that decisions made at COP28 hinge on securing unanimous support from nearly 200 participating countries during the UN Climate Summit.
Furthermore, it’s evident that this proposal runs counter to the positions adopted by some affluent nations who are expected to be substantial contributors to this much-needed fund. This dynamic sets the stage for complex negotiations and deliberations aimed at striking a balance between the responsibilities of developed and developing nations in addressing the urgent climate crisis.
