Weather Damage Compensation Fund – Janayugom Online

Janayugom Webdesk

Cairo

November 20, 2022 11:44 pm

Agreement with rich countries to provide compensation assistance to developing countries affected by climate change. The countries of the world reached an agreement on this in the last hours of the Conference of the Parties (COP 27) of the UN held in Egypt. The deliberations in the concluding plenary of the summit lasted for 40 hours.
COP 27 has recognized a long-standing demand by developing countries and environmental organizations. There was a constant argument in the UN that rich countries’ excessive waste and natural destruction activities have led to severe natural disasters in many places, and that poor countries cannot afford such natural disasters.

The demand for compensation is strong as we go through the worst days of climate change. Developed countries bowed to pressure from the Association of Small Island States, a group of 39 island nations. But no broad agreement has been formed in this regard. The summit failed to make significant progress on any of the other issues discussed.
The United States is currently the largest emitter of greenhouse gases into the atmosphere. After a long night of negotiations, the United States agreed to provide the funds. All the rich countries opposed the agreement, fearing that the country would be legally liable if it accepted the decision. But according to the new agreement, countries will not be legally obligated to pay this amount. A committee has also been formed to decide how to find aid money, which countries should contribute and how this money should be spent. Representatives of 24 countries will be included in the committee.

The demand was raised before the UN, including the island countries, to provide assistance to escape from climate disasters such as floods and droughts. Such a demand was put forward for the first time in 1992. The demand for a European Union compensation fund was almost approved on Friday. But the European Union has called for more countries to contribute to the reparations fund alone.
The target is to raise 50,000 crores for the compensation relief fund. COP 27 President HE Samish Shoukri said that the aim is to raise $20,000 crore each year. UN Secretary-General Antonio Guterres said the decision to create a reparations fund was a critical step towards ensuring justice. Countries including India have welcomed the decision.

Eng­lish Sum­ma­ry: Weath­er Dam­age Com­pen­sa­tion Fund

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