Ahead of UN Climate Change Conference, US says open to talks on Climate financing

Devastating Pak floods have helped bring compensation demands to forefront ahead of the summit

RH Desk
October 26

As demands for compensation to poorer nations by the richer countries, as culprits for wreaking earth’s climate, grow, the United States, one of the main contributors of greenhouses gases, has said it is open to talks on the “contentious climate financing”.

While speaking about the United States’ international climate efforts ahead of COP27, the upcoming 2022 United Nations Climate Change Conference, at the Council on Foreign Relations in Washington on Tuesday, John Kerry, Special Presidential Envoy for Climate said the US was open to seeking a middle ground on a controversy that threatens to overtake an upcoming world climate summit.

There is a growing demand from poorer countries that the United States and other richer countries pay compensation as they are responsible for wrecking the earth’s climate.

The demand for climate financing has got traction, especially since the devastating Pakistan floods that has killed more than 1,000, displaced half a million people, and caused an estimated $40 billion in damage.

The Pak floods have helped bring the compensation demands to the forefront ahead of the climate summit.

As per one estimate by the experts, economically struggling Pakistan historically has contributed just 0.4% of the fossil fuel pollution responsible for climate damage, compared to 21.5% by the U.S., 16.5% by China, and 15% by the European Union.

“We believe we have to step up, and we have a responsibility. We accept that,” Kerry told reporters after an appearance at the Council on Foreign Relations, two weeks ahead of the annual U.N. climate conference, this time in Egypt’s Sharm el Sheikh. With emissions from coal, oil, and natural gas threatening to break through the threshold set in the Paris climate accord, the Biden administration and others are eager to keep summit negotiations on track for deeper emission cuts.

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