2023-09-06 18:15:06
Germany is reportedly preparing to announce €450 million in climate funding for Africa. This action comes in the context of COP28 to be held in the UAE. This is part of the fund provided by rich countries as compensation for the damages caused by climate change. As rich nations produce more of the greenhouse gas emissions that cause and exacerbate climate change, poor and developing nations who suffer the consequences need to be compensated. This is done as part of an international agreement.
This was announced by Germany’s Secretary for Economic Cooperation, Barbel Koffler, at the Africa Climate Summit in Kenya. As Europe’s largest economy, more aid to Africa is expected to come from Germany. There are also reports that Germany will provide an additional 60 million euros for the construction of a fertilizer plant. The plant is fueled by separating hydrogen from water. Germany’s funding is because it is a sustainable development project.
A large share of the compensation owed by rich countries under climate agreements is yet to be released. The United Nations has recently raised concerns regarding this. It is also special that Germany’s new announcements came at a meeting attended by COP President Sultan Al Jabir.
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