Cairo> The UN summit on climate concludes with the creation of a compensation fund for developing countries suffering from the catastrophic effects of climate change. The historic decision was taken at the summit which was extended by one day due to lack of consensus.
A decades-old demand for developed countries to compensate island developing nations for disasters caused by large-scale greenhouse gas emissions has been accepted. However, there is no clear agreement on limiting the average temperature increase to 1.5 degrees Celsius, reducing carbon emissions and reducing the use of fossil fuels.
Simon Steil, head of the UN climate department, said decades of negotiations had concluded, boosting the summit’s credibility. UN Secretary-General António Guterres said the continuing dangers of climate change require a period of serious action. Union Forestry-Environment Minister Bhupender Yadav welcomed the decision.
How much is the fund, how much is the fee?
Information about the total amount of the compensation fund has been formed and how much is the share of developed countries. Germany had pledged 1433 crore, Austria 421 crore and Scotland 42 crore to the fund. The Glasgow summit called for limiting global warming to 1.5 degrees Celsius and for carbon emissions to be cut by 45% from 2010 levels. No clear decision was made at the summit on implementing this.
Next year’s COP28 summit will be held in the UAE. Although the compensation fund is a great achievement, the summit leaves without a concrete decision on the fundamental issues leading to climate change, criticism of the environment and climatologists.
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