that combating climate change would be cheap. Still, a report released during the COP27 climate talks made for a sobering reminder. The report, commissioned by Britain and Egypt as the past and current hosts of the UN summit, said that developing countries alone need a combined $1trn a year in external funding to meet the goals set out in their Nationally Determined Contributions, or NDCs .
Though rich industrialised countries produce far more of the emissions that have caused warming to date, poorer ones tend to suffer far more from its ill effects. Africa is responsible forof the emissions that humans have ever put into the atmosphere. Yet the continent’s arid east is suffering from multi-year droughts that blight harvests and wildlife; its central and western regions face catastrophic floods as the rise in temperatures increases the amount of moisture in the air.
Every region of Africa is ill-equipped, but some are worse off than others. Just ten countries receive 60% of the current climate financing; 40% is split among 45 countries and territories. Southern Africa faces the biggest funding gap, of more than $100bn between what the region says it needs annually and what it is receiving.
Most of the current funding comes from development banks. But financial aid often arrives in the form of loans, not grants. In the long term that only adds to the burden on vulnerable economies. The additional funds instead need to come from the. A report by the Climate Policy Initiative, a think-tank, found that just 14% of known climate financing in Africa comes from private investors—the lowest share of any region. In North America the figure is 96%.
The private sector, understandably, favours rich countries; political instability and debt-riddled economies in parts of Africa may not seem sound investments. Investors also complain of a lack of guaranteed returns on their money. But this only explains part of the gap. Private investments in fossil fuels, for example, amount to $29bn in Africa every year. Clean energy systems receive just $9.4bn.
Source: Energy Industry News (energyindustrynews.net)
Only to allow them to sqander money and be more corrupt
Developed countries must pay to fix ClimateCrisis. Calculate per capita emissions from year 1900 onwards and charge those countries accordingly. un UNHumanRights COP27
Please talk about this and don't let Islamic Republic massacre us in silence. They might shut down Iran's internet completely. Iran's revolution will go on and we won't stop but Islamic Republic is a criminal, they have no mercy. MahsaAmini IranRevolution
They won’t
You can not spend the money you do not have! And no, the taxpayer(s) should not hold the bag !!
How much money is needed to flow into the pockets of the rich to 'fix global warming'?
Kazıklayan kazıklayana...
I confess that I don’t know how much money 💰💰💰💰 needs to buy utopia… 🤷♂️ Can humans already control oceans temperatures, wind 💨 , hurricanes 🌀 and volcanoes 🌋 eruptions, once humans isn’t capable to predict a swell to assure a simple surf 🏄♂️ championship? 😉
😆
Now do China who has or is planning to build 41 new coal plants in the past/next year. Completely impossible goals with the US expected to pay for every decommissioned carbon plant in the world.
No one said combating climate change was doable also... It's all political rhetoric and climate activists fantasy talk. It's happening, it will keep happening, and all we can do is adapt to it. There's no stopping it. We've cut emissions by 90% in north america, no real effect.
Economics: saving our world costs us less than losing it. ClimateCrisis perpetually destroys wealth & productivity. Let's ignore the escalating damage for the relatively trivial TV drama disasters. Even those cost hundreds of billions/year.
Go LulaOficial !
Show us a return on investment. Let’s see quantitative proof that any of these “investments” have made a single degree of difference. Making policy based on theory without validation of its actual results is a bad idea.
How much is a volcano worth?
Total BS!
As it was designed to. The Empire of Marketing was established at the end of WWII, to stop wars between the colonial powers for control of economic resources, and to facilitate their extraction.
Incalculable ammount of money to say in short. If Loan,then better dont help; not only it will increase financial burden but will also have to suffer because of strings attached.
Nothing is free. Grab those bootstraps and pull just like we did. thisaintnosoupkitchen
It is now time to save our forest depletion rate by helping developing nations adopt household biogas use in most rural setups. This will significantly reduce the pressure on wood fuel use and we at Fexmy Biogas Kenya FexmyB are happy to participate in this noble task. COP27
That's how many African nations has literally enslaved themselves to China and Turkey. It's so cruel, considering that few tangible projects are executed with such loans which mostly ends up in the private accounts of corrupt government officers. It's a case for world attention.
How often are the loans forgiven?
China has made this their new form of imperialism, called “debt trap diplomacy”. But don’t forget we did it first with the backing of the IMF and our FDI programs.
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