It’s not too late to figure out financial support for countries suffering from climate change disasters. The key is to design a formula with the right incentives, says Hugodixon
An attendee poses for a picture near a model earth during the COP27 climate summit in Sharm el-Sheikh, Egypt November 19, 2022. REUTERS/Mohamed Abd El Ghany - RC2YOX9PCZYM
So far, the new fund is pretty much a blank slate. There is no decision about how to prove damages, or how big the fund will be. Answering those questions will involve a lot of diplomatic wrangling. The mainat COP27 was to establish a committee, which will propose a solution by COP28, next year’s UN conference in Dubai.
It wouldn’t be fair to look just at a country’s emissions in absolute terms. An adjustment has to be made for population. For example, India is the fourth equal largest polluter since 1992, but it has emitted much less per person than most countries. The EU would come in second at 13%, followed by Russia at 10%. China would pay 4% because its emissions per head have so far been only slightly above the global average. India would pay nothing.It seems fair to look at above average emissions to date when judging who should pay for a current climate disaster, such as the flooding in Pakistan.
Run the numbers again, this time from 1992 until 2030, using projections from Climate Action Tracker where they exist. America still would have to fork out the most, but its share of the bill would fall to 39%. China would move into second place with 14% and the EU would be down to 10%, the same as Russia.
Look at India. From 1992 until 2019, its per-capita emissions were 71% below the world average. So, under this principle, it would receive 71% of any climate-related loss it suffered today.
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