Austria will provide 50 million euros (dollars) to developing countries facing unavoidable damage and losses caused by climate change as it joins a small group of European nations to offer such funds, the country’s climate ministry told Reuters.
, shorthand for cash rich polluters would pay to poorer states facing unavoidable damage from worsening floods, drought and sea level rise.
The funds could support the "Santiago Network", a U.N. scheme providing technical support to countries faced with damages from climate-fueled natural disasters, and a programme providing early warning systems to countries prone to extreme weather. Cyclone Idai caused some $1.4 billion in total damage and $1.39 billion in losses when it struck Mozambique in 2019, and some research suggests that by 2030, vulnerable countries' climate-linked losses could reach $580 billion per year.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
400+ Scientists Call Out COP27 PR Firm For Supporting Fossil Fuel ClientsThis article describes the tense atmosphere ahead of the COP27 climate summit, where controversy about PR is driving contention.
Read more »
UN climate summit COP27 set to gather in Egypt amid year of climate and energy crisesThe COP27 climate summit is set to meet next week after a year of climate-driven disasters like the flooding in Pakistan and drought in East Africa.
Read more »
COP27 kicks off in Egypt: Everything you need to knowThis year's COP27 climate summit in Egypt is underway, bringing together tens of thousands of participants and more than 100 heads of state to discuss climate change. Everything you need to know ⬇️
Read more »
Crucial 'loss and damage' reparations included in COP27 agendaA thorny issue at COP27 relates to the idea whether wealthy nations should compensate vulnerable lower-income countries that bear little responsibility for climate-warming emissions
Read more »
Op-Ed: Is there still time for COP27 to hold back climate catastrophe?Don't fall for the false belief that we're not getting anywhere on climate action. We just need more ambition.
Read more »
COP27 puts climate compensation on agenda for first timeDelegates at the COP27 climate summit in Egypt agreed after late-night talks to put the delicate issue of whether rich nations should compensate poor countries most vulnerable to climate change on the formal agenda for the first time.
Read more »