Sunday, loud cheers from Sharm el-Sheikh greeted the announcement of a new initiative – the global loss and damage fund – to right historical wrongs by compensating climate-hit developing countries. This breakthrough brought back memories of another, the £100bn a year agreed at the 2009 Copenhagen climate summit to help poor countries mitigate the effects of the climate crisis.
That money has never fully materialised. If our 13 years’ experience of the £100bn fund that never was is anything to go by, eulogies of praise will soon turn into allegations of betrayal. The president of next year’s Cop28 will have to answer for yet another fund without funders. Far from the loss and damage fund narrowing the credibility gap on climate action, it is likely to bridge nothing if money fails to flow from rich to poor.
The last decade has been a history of promises made and broken. Before Covid, the cost of financing the sustainable development goals (SDGs) was $2.5tn a year. Now, post-Covid, and with the price of fighting floods, firestorms and droughts – and the debt burden of low-income countries – dramatically escalating, it is $4tn annually. Set against an official development assistance (ODA) budget of only $179bn a year and $130bn on offer mainly in multilateral loans, the SDGs represent yet another unanimous but unfunded pledge of the international community. To make matters worse, the British development aid budget has now been cut from 0.7% of our national income to 0.5% for years ahead, and already our overall contribution to meeting all oom loopur climate and development targets is down from the promised £16bn to just £11.5bn.
Read more at: https://www.theguardian.com
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