According to Wai-Shin Chan, head of HSBC's Climate Change Center of Excellence, ensuring adequate tools for weaker economies to cope with global warming and to grow sustainably should be the COP27 priority. The emerging economies of developing countries denounce the delays and the inadequacy of the solidarity offered by the richest countries, which for too long has not kept up with its promises.
Led by India, they are ready to do battle once again, even at the cost of blowing up the bank. President of the World Resources Institute, Ani Dasgupta, vulnerable populations are disproportionately affected. People at the forefront of the crisis and with the fewest resources.
Almost always, these are also the people who have contributed the least to the problem. In the Cop26 in Glasgow, last year, the proposal for an ad hoc mechanism for loss & damage financing was rejected by the advanced countries.
India will once again propose itself as the spokesperson for developing countries. India is dependent on coal for 70% of its electricity generation, asking for money to finance its costly transition without having to give up the development it needs.
In order to achieve its climate targets, more than 220 billion dollars a year of investments will be needed. A little over a month ago, the floods that plagued Pakistan killed more than 1,700 people, with 33 million displaced and about $ 40 billion in damage, according to the World Bank.
The disaster will slow GDP growth from 5% in 2022 to 2% in 2023. Pakistan produces less than 1% of global carbon dioxide emissions. Between 2000 and 2020 there were 7,348 natural disasters affecting over 4 billion people, with $ 2,970 billion in economic losses, according to the United Nations.
Already in 2009, the richest economies had promised 100 billion a year, starting from 2020, to support the climate policies of developing countries. However, that milestone has not yet been crossed and the 100 billion will probably not be reached before 2023.
The figure is now far from real needs, but the issue has become a powerful irritant for emerging markets. The phenomenon affects dozens of vulnerable states, often already in high debt and lacking the necessary resources to contain the damage of natural disasters and which risk economic collapse when they are hit.