How come the poor nations are always the ones suffering from heatwaves, famines, and typhoons when all these climate change issues are caused by the insensitive actions of wealthy countries?
In Pakistan, floods disrupted the lives of 33 million people and submerged a huge part of the country; the economic toll is pegged at $30 billion. In East Africa, the unparalleled season of disastrous rains meant crop destruction, livestock, and damaged sources of income. Extreme hunger confronts more than 36 million people and starvation is forthcoming.
These poor nations want developed countries such as the US, the UK and the EU to compensate them for the loss and damage they have suffered.
These developing countries need money to 1) move away from fossil fuels and other polluting activities. They need support so that they can build clean energy infrastructure such as solar farms.
They also need funds to be able to prepare for the worst effects of climate change. And they need money to be able to recover from the effects of climate change that they are currently dealing with.
However, the third financing idea, named as ‘loss and damage,’ stays controversial. Developed countries view this as something doubtful since agreeing to it is an admission of accountability for the disasters.
Deceptive for poor nations
In 2009, wealthy nations decided to deliver $100bn every year to poor countries for climate action by the end of 2020. However, at the end of that year, the total only reached $83.3bn, of which, the goal was to reach 2023.
According to the OECD, the bulk of these funds came from public coffers while the balance was raised from the private sector. According to OECD’s current data, only 34% of climate change money is delivered to helping poor nations adjust to climate change.
Also, much of the public funding (71%), is extended in the form of loans and not direct grants to countries. This can increase the debt problem of developing nations.
Very misleading and profoundly unfair, is what Nafkote Dabi from Oxfam International Climate Policy calls it. He added that “instead of supporting countries that are facing worsening droughts, cyclones and flooding, rich countries are crippling their ability to cope with the next shock and deepening their poverty.”
David Miliband, IRC President and CEO also said that “It is not enough for wealthy countries to commit to emissions reductions and pledge to help developing countries with low carbon technology and capacity building.
It is not enough to combine climate finance with debt relief and immediate cash relief to ease fiscal pressure on developing economies. It is not enough to respond to the needs of people who are most vulnerable by connecting poverty eradication and resilience building.
Instead, all these actions must be taken at the same time – while bringing in the voices and needs of local communities and those historically marginalized in the decision-making process, such as women.”