Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

COP27: Island nations want China, India to pay for climate damage

Commodities Nov 08, 2022 02:12PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: An aerial view shows flooded industrial buildings by a highway following heavy rainfall in Xinxiang, Henan province, China July 24, 2021. Picture taken with a drone. REUTERS/Aly Song/File Photo 2/2
 
SWCH
+0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Valerie Volcovici and Aidan Lewis

SHARM EL-SHEIKH, Egypt (Reuters) - Highly polluting emerging economies including China and India should pay into a climate compensation fund to help countries rebuild after climate change-driven disasters, the prime minister of island nation Antigua and Barbuda said on Tuesday.

The comments marked the first time the two nations have been lumped into the list of major emitters that island states say should be held to account for damage already being wrought by global warming.

Prime Minister Gaston Browne, speaking on behalf of the Association of Small Island States (AOSIS) negotiating bloc,told reporters the world's first- and third-biggest greenhouse gas emitters - though still emerging economies - have aresponsibility to pay into a fund.

Delegates at the conference agreed to put the topic of loss and damage onto the formal agenda for the first time in the history of international climate negotiations.

"We all know that the People's Republic of China, India - they're major polluters, and the polluter must pay," Brownesaid. "I don't think that there's any free pass for any country and I don't say this with any acrimony."

In U.N. climate talks, the phrase "loss and damage" refers to costs already being incurred from climate-fuelled weatherextremes or impacts, like rising sea levels.

To date, climate vulnerable countries have called on historical emitters like the United States, United Kingdom andthe EU to pay climate reparations. China itself has previously supported the creation of a lossand damage fund but has not said it should pay into it. The EU and United States have said that China, the world's biggestgreenhouse gas emitter, should pay.

India, though a top emitter, has per capita emissions that are significantly lower than the world average.

AOSIS wants a full commitment to launch a multibillion dollar fund by 2024.

Egypt's lead climate negotiator Mohamed Nasr told Reuters that the goal for the COP27 negotiations was to get some clarity on the way forward for loss and damage, but that there was still a wide range of views.

"Now we have a starting point, so it is more streamlined and more focused and hopefully by the end of the two weeks we'll have something that would identify the road map, the milestones to deliver," he said.

Over the coming year the goal would be to identify a mechanism for delivering loss and damage funding.

"We'll be looking at the different options. Is it a facility? Is it a new fund? Is it the existing funds? I meanthere are a lot of options," he said. "What we heard from many countries is that they want to keep their options open."

Another AOSIS negotiator, Deputy Environment Minister of International Cooperation Milagros De Camps, said from theperspective of island nations like hers that face more frequent and powerful natural disasters like hurricanes and cyclones the need for a new dedicated compensation fund is clear.

"We need specific fund fit for purpose... a separate operating entity," she told reporters. "This is a matter ofsurvival for small island developing states."    

For daily comprehensive coverage on COP27 in your inbox, sign up for the Reuters Sustainable Switch (NYSE:SWCH) newsletter here

COP27: Island nations want China, India to pay for climate damage
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
my life my rule
my life my rule Nov 08, 2022 2:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
true india has too much illegal gas extraction from ambani and adani...... biggest chemical factories in the world
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email