dr. gianluca grimalda on Nostr: Countries pledged US$420million to the Loss & Damage Fund @ COP28. It's good that the ...
Countries pledged US$420million to the Loss & Damage Fund @ COP28. It's good that the fund is up and running. But barely so. The money that is needed is astronomically higher
- as $200-$250billion are needed every year as per the estimations of Germanwatch). Main problem: Contributions are non-enforceable. US contributions of $17,5m - as opposed to $245m by the EU - are abysmal. As a term of comparison, $7trillion are spent in subsidies to the fossil fuel industry. https://www.amnesty.org/en/latest/news/2023/11/global-initial-pledges-at-cop28-to-finance-the-loss-damage-fund-fall-far-short-of-what-is-needed/
- as $200-$250billion are needed every year as per the estimations of Germanwatch). Main problem: Contributions are non-enforceable. US contributions of $17,5m - as opposed to $245m by the EU - are abysmal. As a term of comparison, $7trillion are spent in subsidies to the fossil fuel industry. https://www.amnesty.org/en/latest/news/2023/11/global-initial-pledges-at-cop28-to-finance-the-loss-damage-fund-fall-far-short-of-what-is-needed/