Climate funds for developing countries will be a key focus at COP28

Pakistan is a prime example of a country in dire need of help, given how poor it is and the impact climate change is already having on it, with the whole country almost completely flooded in 2022.

Although it emits less than 1% of the world’s greenhouse gas emissions, natural disasters are becoming ever more common and devastating.

During the climate summit this week, countries will try to reach an agreement on how much money will go to a new Loss and Damage Fund.

It is meant to pay for the expensive consequences of extreme weather events.

“The European Union has clearly signalled (…) its willingness to support this with contributions that are substantial, which is likely going to be on the level of billions of euros,” Cecilia Trasi, an analyst from Brussels-based think tank Bruegel, told Euronews.

“On the other hand, the US envoy John Kerry has also announced contributions of millions of dollars, which is on a very different scale of magnitude and still open is the question of will countries that were considered developing in 1992, like Saudi Arabia and China, will they contribute or not?.”

The European Parliament will send a 12-member delegation to the conference. Socialist & Democrat MEPs, included in the group, have defended high money contributions, saying that it helps to show global solidarity.

The political group will propose, in the coming months, that a similar fund be created just for the EU.

“We need to help people adapt to the new situation. We need to help farmers so that they can continue to grow crops that are much more resistant and resilient when it comes to climate change,” Mohammed Chaim, a Dutch socialist MEP said in an interview.

“Because at the end of the day, if we help vulnerable communities, we create support for the European Green Deal and that is something that we all benefit from.”

The COP’s Green Climate Fund was supposed to have collected $100 billion (€91.5 billion) a year to help developing countries invest in the transition to clean energy systems.

The right-leaning European People’s Party (EPP) said that it should be realised as soon as possible.

“At the end of the day, we have to acknowledge the fact that the EU is indeed doing its best for climate transition, but if we do not do it along with the US, China and India, we cannot mitigate climate change,” Portuguese EPP MEP, Lidia Pereira told Euronews.

Thousand of politicians and scientific advisors at COP28 are expected to issue recommendations on a new framework for international climate finance, as well as a definitive roadmap on how to implement them.