Measuring the Financial will of first world in COP27
United Nations Framework Convention on Climate Change, 27th Conference of the Parties) is being held in Sharm el-Sheikh on the Sinai Peninsula in Egypt from 6 to 18 November 2022. The first UN Climate Change Conference took place in Berlin in 1995 in Berlin. Though the Humanity is heading towards a very seen disaster of warming of more than 2.5 degrees, with devastating effects on our lives on the only planet. The era of climate justice has been embarked with strong voice of global community. The time when country of south Asia like Pakistan are looking towards comity of nations for justice and compensation. It is right time understand the global financial will express in recent conference of parties COP27 .
UN climate summit concluded its conference of parties COP 27 with notable financial support from Austria and New Zealand.Austrian government announced 50 million euros (US$51 million) over the next four years for natural disaster due to climate change. The funding will provide economic cover to the Santiago Network, a UN initiative for technical support to countries facing damages from climate-related disasters. New Zealand offered allocation of NZ$20 million (US$12 million) climate funding to compensate the developing countries. These negotiations are now on fast track asNew Zealand is taking a leading role to advance global action on loss and damage.
Climate vulnerable countries in the global South want to see the creation of a finance facility for loss and damage. The global community failed to make the agenda at COP26 in Glasgow last year in 2022 is under hot debate as resourceful nations could not put themselves liable for an accounting sum of compensation to countries in south Asia suffering most due to climate calamity .
The north American counterpart Canada affirmed a financial “practical initiatives” worth 24 million CAD (US$15 million) to support suffering developing countries in three areas: loss and damage, access to climate finance, and climate governance.The ice pole of the world pledged US$5 million to the Global Shield Financing Facility for resilience of climate-vulnerable countries, and US$1 million for the Santiago Network. It also announced US$4 million to the Climate Finance Access Network for acute affected climate-vulnerable countries. This serves as top up to the already offered US$7 million to network in 2020.
European countries pledged notable resources this year. Scotlandcontinued its support since 2021 for loss and damage and has pledged an additional £5 million (US$6 million), bringing its total pledge to approximately US$8 million.The UK is to triple its contribution for climate adaptation, from US$587 million in 2019 to US$1.8bn in 2025. Though it announced US$106 million for forest conservation in the Congo Basin and US$76 million to fuel the existing Climate Investment Program for indigenous and local forest communities. New British Prime Minister Rishi Sunak also pledged US$78 million to support researchers and scientists in developing countries to back up clean energy innovations. Belgium reserved US$26 million for Mozambique from 2023 to 2028 and including US$3 million for loss and damage. Germany pledged US$175 million for the Global Shield initiative to strengthen insurance and disaster protection finance. Ireland promised US$10 million to the Global Shield initiative for 2023. Bill & Melinda Gates Foundation announced US$1.4 billion over four years to assist smallholder farmers address the immediate and long-term impacts of climate change. The funding aims to build resilience against adverse weather events and support climate-smart innovations for farmers. Forests, People, Climate collaborative efforts account for US$1.2 billion over five years to safeguard forests and the indigenous peoples and local communities that care for them.
Dr. Iftikhar Ahmed is a University Professor and UN Advisor. His area of interests are Energy, Environment, Health and Education.