Climate change compensation fight brews ahead of COP27 summit - BusinessWorld Online

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Tensions are mounting ahead of this year’s U.N. climate summit, as vulnerable countries ramp up demands for rich countries to pay compensation for losses inflicted on the world’s poorest people by climate change. READ:

When diplomats from nearly 200 countries meet on Nov. 7 in the beachside resort town of Sharm El Sheikh, Egypt, negotiations will tackle how to cut the CO2 emissions causing climate change and cope with existing climate impacts, including deadly heatwaves, wildfires, rising seas and drought.

As COP27 approaches, climate losses are surging — in rich and poor countries alike. In recent weeks, wildfires have swallowed huge swathes of land in Morocco, Greece and Canada, drought has ravaged Italy’s vineyards, and fatal floods hit Gambia and China. The issue was also not added to pre-COP27 talks in June in Bonn, Germany. Talks there on U.N. technical assistance on accounting for loss and damage also ended without agreement, due to disputes over how that scheme should be governed.

Historically, rich economies including the United States and the 27-country European Union have resisted steps that could assign legal liability or lead to compensation.

 

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