Damage and Repair Fund was established in COP27 Climate Summit - who pays?

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Keskiviikko 28.12.2022 klo 19:30 - Mikko Nikinmaa


One of the results of the Climate Summit in Egypt was that the participating nations agreed to establish a Damage and Repair Fund to help poor nations that suffer from climate disasters. Everyone agrees that such fund is necessary. However, what has not been agreed upon is who would give money for the fund. The European Union has again been the primary source of the fund possibility. But EU does naturally not want to bear the cost alone. Thus, European countries think that the biggest fossil fuel polluters should contribute to the fund. Consequently, countries that are normally not paying to global funds, e.g., China, Qatar and Saudi Arabia should be among donors in addition to European countries, USA, Canada, Australia and Japan.

Including oil­-producing countries among the fund donors makes perfect sense. They are making their profits with the fossil fuels that cause the damage. And they have money. As an example, the Soccer World Cup in Qatar cost more than 200 billion euros, ten times more than any Olympic Games up to now. It is kind of funny that that sum of money is available for “sports washing”, but not for helping areas which are suffering from the consequences of getting the riches that make also “sports washing” possible. With the same logic, big oil companies should contribute to the fund. Recently, their profits have been huge, and in my opinion should not line only the pockets of owners, but help the areas, which suffer from their profit-making.

There is no reason for the damage makers not to contribute to the fund. If they do not, it is an indication that greed and selfishness are more important for them than habitable world.

Avainsanat: climate change, fossil fuels


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