Cairo> The UN Climate Summit concludes with the creation of a compensation fund for developing nations suffering from the catastrophic effects of climate change. The historic decision was taken at the summit which was extended for a day due to lack of consensus.
A decades-old demand for developed countries to compensate developing-island nations for disasters caused by large-scale emissions of greenhouse gases has been accepted. However, there is no clear agreement on limiting the average increase in temperature to 1.5 degrees Celsius, cutting carbon emissions and reducing the use of fossil fuels.
Simon Steil, head of the UN’s climate department, said that decades of negotiations had come to fruition, reinforcing the summit’s credibility. UN Secretary-General António Guterres said the continuing dangers of climate change called for a period of serious intervention. Union Forest-Environment Minister Bhupender Yadav welcomed the decision.
How much is the fund, how much is the share?
The information regarding the total amount of compensation fund has been formed and how much is the share of developed countries. Germany had pledged 1433 crores, Austria 421 crores and Scotland 42 crores to the fund. The Glasgow summit called for limiting global warming to 1.5 degrees Celsius and for this to reduce carbon emissions by 45 percent from 2010 levels. There was no clear decision on the implementation of this at the summit.
Next year’s COP28 summit will be held in the UAE. Although the compensation fund is a great achievement, the summit is leaving without a concrete decision on the basic issues that lead to climate change, the criticism of the environment and climate scientists.
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