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Vulnerable Countries

All articles tagged with #vulnerable countries

climate-change2 years ago

COP28: Poor countries triumph in 30-year battle for climate funding

At COP28, delegates have agreed to launch a long-awaited fund to pay for damage caused by climate-driven storms and drought. The EU, UK, US, and others have immediately announced contributions totaling around $400 million for poor countries affected by climate change. This surprise decision on day one of the conference is seen as a smart move by the UAE, which has been criticized for its plans to discuss fossil fuel deals. The fund aims to address the impacts of climate-related weather events that many countries suffer from, providing financial support for losses and damages. This agreement sets the stage for further ambitious action on climate change during the summit.

via BBC.com|
#climate-change#climate-collapse#climate-finance
climate-change2 years ago

Urgent Action Needed: Climate Funds Fail Frontline Communities

Climate adaptation funds pledged by wealthy countries are failing to reach vulnerable frontline communities, particularly in sub-Saharan Africa. The current structure of climate finance, including a lack of funding and barriers in the application process, prevents these communities from accessing support. Additionally, administrative and political barriers hinder the flow of international support to local levels. To address this, funding for adaptation needs to be increased, a greater proportion of funding should be dedicated to the most vulnerable countries, and application procedures should be simplified and standardized. Wealthy countries must accept imperfect governance and push for increased transparency while experimenting with innovative approaches to ensure more funding reaches frontline communities.

via The Conversation Indonesia|
#climate-adaptation#climate-change#climate-finance
climate-change2 years ago

Addressing Climate Injustice: Reparations for Vulnerable Nations

Climate negotiators representing multiple countries are discussing the details of the United Nations' "loss and damage" fund, which aims to provide compensation for poor nations affected by climate change. The fund's location, management, eligibility criteria, and funding sources are being determined. The committee is considering whether to host the fund within existing institutions like the IMF or create a new one. Loss and damage funding covers expenses related to extreme weather, ecosystem destruction, and non-economic losses. Small island developing states and least developed countries are advocating for this funding, which is estimated to reach $671 billion annually by 2030. However, current funding is less than $500 million per year. The conversation around climate reparations is gaining momentum, but resistance remains, and many believe that additional financing mechanisms, such as taxes and levies, are needed to meet the funding requirements.

via Al Jazeera English|
#climate-change#climate-financing#climate-reparations