‘Climate Damage Fund’ launched… Developed countries compensate developing countries

Evaluation of “victory for poor countries in 30 years of struggle” Korea participates as founding member of ‘Climate Club’

Developing countries affected by climate change will receive financial compensation from developed countries. It is an acknowledgment that developed countries, which industrialized early and emitted large amounts of carbon, contributed to climate change. The British BBC assessed that poor countries have won the 30-year fight for compensation for climate change damage.

The ‘Climate Loss and Damage Fund’ was officially launched at the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change held in Dubai, United Arab Emirates (UAE) on the 30th of last month (local time). “We made history today,” said Sultan Ahmad Jabir, chairman of the UAE. “It is a signal that injects positive momentum into the world and our efforts.”

The key to the Climate Loss and Damage Fund is to recognize the responsibility of developed countries and the need for compensation for climate disasters experienced by developing countries and provide financial support. Discussions began in the 1990s, but no progress was made due to resistance from developed countries, until a broad agreement was reached at COP27 in Sharm el-Sheikh, Egypt, in November last year. On this day, the fund secured more than $420 million (about 550 billion won). The UAE and Germany decided to donate $100 million (about 130 billion won) each, and the UK decided to donate $50 million (about 65 billion won). The United States and Japan decided to bet $17.5 million (about 23 billion won) and $10 million (about 13 billion won), respectively. The European Union (EU) plans to donate an additional $145 million (about 190 billion won). The British Financial Times (FT) evaluated the company as “successful in securing funds early on.”

At this general meeting, Korea participated as a founding member of the ‘Climate Club’, which was officially launched on the 1st. The Climate Club is a multilateral cooperation body of 33 developed and developing countries that effectively implements the Paris Agreement and responds to climate change issues. Korea has not yet decided whether to participate in the fund. An official from the Ministry of Environment said, “We will play the role needed by the international community.”

Paris = Correspondent Jo Eun-ah [email protected]
Reporter Kim Ye-yoon [email protected]