Climate Reparations Are Officially Happening - The Atlantic - 0 views
-
Today, on the opening day of COP28, the United Nations climate summit in Dubai, the host country pushed through a decision that wasn’t expected to happen until the last possible minute of the two-week gathering: the creation and structure of the “loss and damage” fund, which will source money from developed countries to help pay for climate damages in developing ones. For the first time, the world has a system in place for climate reparations.
-
Nearly every country on Earth has now adopted the fund, though the text is not technically final until the end of the conference, officially slated for December 12.
- ...12 more annotations...
-
Over much opposition from developing countries, the U.S. has insisted that the fund (technically named the Climate Impact and Response Fund) will be housed at the World Bank, where the U.S. holds a majority stake; every World Bank president has been a U.S. citizen. The U.S. also insisted that contributing to the fund not be obligatory. Sue Biniaz, the deputy special envoy for climate at the State Department, said earlier this year that she “violently opposes” arguments that developed countries have a legal obligation under the UN framework to pay into the fund.
-
The text agreed upon in Dubai on Thursday appears to strike a delicate balance: The fund will indeed be housed at the World Bank, at least for four years, but it will be run according to direction provided at the UN climate gatherings each year, and managed by a board where developed nations are designated fewer than half the seats.
-
That board’s decisions will supersede those of the World Bank “where appropriate.” Small island nations, which are threatened by extinction because of sea-level rise, will have dedicated seats. Countries that are not members of the World Bank will still be able to access the fund.
-
the U.S. remains adamant that the fund does not amount to compensation for past emissions, and it rejects any whiff of suggestions that it is liable for other countries’ climate damages.
-
Even the name “loss and damage,” with its implication of both harm and culpability, has been contentious among delegates
-
Several countries immediately announced their intended contribution to the fund. The United Arab Emirates and Germany each said they would give $100 million. The U.K. pledged more than$50 million, and Japan committed to $10 million. The U.S. said it would provide $17.5 million, a small number given its responsibility for the largest historical share of global emissions.
-
Total commitments came in on the order of hundreds of millions, far shy of an earlier goal of $100 billion a year.
-
Other donations may continue to trickle in. But the sum is paltry considering researchers recently concluded that 55 climate-vulnerable countries have incurred $525 billion in climate-related losses from 2000 to 2019, depriving them of 20 percent of the wealth they would otherwise have
-
Still, it’s a big change in how climate catastrophe is treated by developed nations. For the first time, the countries most responsible for climate change are collectively, formally claiming some of that responsibility
-
One crucial unresolved variable is whether countries such as China and Saudi Arabia—still not treated as “developed” nations under the original UN climate framework—will acknowledge their now-outsize role in worsening climate change by contributing to the fund.
-
Another big question now will be whether the U.S. can get Congress to agree to payments to the fund, something congressional Republicans are likely to oppose.
-
Influence by oil and gas industry interests—arguably the entities truly responsible for driving climate change—now delays even public funding of global climate initiatives, he said. “The fossil-fuel industry has successfully convinced the world that loss and damage is something the taxpayer should pay for.” And yet, Whitehouse told me that the industry lobbies against efforts to use public funding this way, swaying Congress and therefore hobbling the U.S.’s ability to uphold even its meager contributions to international climate funding.