AlwaysFree: COP27 - India, Bangladesh Crank Up Pressure For More Climate Funding

• Industrialized and developing countries still far apart on issue at COP27

According to Nikkei Asia article published on November 15, 2022, environmental ministers from India and Bangladesh are pushing industrialized countries for greater action to fight climate change while stressing their own commitments, as the COP27 United Nations climate conference heads toward its Friday finish.

"Bangladesh feels disappointed with the progress on climate finance" at the conference, Environment Minister Shahab Uddin told reporters in Sharm El-Sheikh on Monday.

Developing countries have long accused industrialized nations -- which benefited economically from their historically heavy emissions of greenhouse gases -- of not paying their fair share for damages linked to climate change. Climate finance refers to funding to reduce carbon emissions and compensate developing countries for economic losses tied to climate hazards and disasters.

All COP27 participants say an agreement needs to be reached at this conference, but their positions remain far apart.

"The global community still lacks the feeling of urgency and true commitment" to combat global warming, Uddin said.

Uddin called for steadfast commitment from developed nations, while noting that his country was working to cut its emissions despite being one of the smallest emitters of greenhouse gases worldwide.

India expressed similar sentiments as it announced on the sidelines of COP27 its new long-term strategy for reducing emissions, highlighting the use of cleaner resources like hydrogen and enhancing forestry to shift away from fossil fuels.

India's plan is estimated to cost trillions of dollars by 2050, with "a very significant role" to be played by climate finance from developed nations, the country said in a statement released on Monday.

Speaking at an event touting the new strategy, Bhupender Yadav, India's environmental minister, criticized developed nations, saying they were prioritizing their energy security "above" their "duty" to work harder on cutting emissions.

Developed nations such as Germany are working to respond to this distrust. The Group of Seven leading industrialized economies launched an initiative during the conference to quickly provide insurance and disaster protection to countries especially vulnerable to climate damage.

Bangladesh, Pakistan and the Philippines are among the first recipients of the finance package to be implemented "immediately" after COP27. At least 210 million euros ($217.2 million) has been added to fund the initiative by Germany and others.

Germany is "convinced" this can provide "effective support" for countries suffering from climate change, said Svenja Schulze, the nation's development minister, while acknowledging this is "only one part of the answer."

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