Climate Compensation

Climate is an ever-important issue that people worldwide are beginning to focus on seriously to decrease its worsening. According to the Royal Institute of International Affairs, a London-based think tank, actions from developed countries are the primary source of global climate impacts. With this knowledge, climate problem-solving cannot be limited to a particular nation; compensation must be made to developing countries whose environments are affected by the developed ones.

LOSS AND DAMAGE

Afghanistan, Bangladesh, Haiti, Kenya, Pakistan, and other developing countries are now facing "loss and damage"—the costs to the economy and the physical environment that climate change affects. Although causing negligible carbon emissions, these countries bear the brunt of ecological problems. Worse still, they cannot and do not have the resources to adapt or recover independently. According to the United Nations Office for Disaster Risk Reduction (UNDRR), Pakistan contributes only about 1% of global greenhouse gas emissions. Still, the nation received extreme rainfall after heat waves melted nearby glaciers. This flooding that followed, which took up one-third of the Pakistani landmass, has caused thousands to lose their lives and displaced millions. As a result, the concept of climate compensation has emerged to allow developed countries to accept responsibility for those affected by what their countries inevitably caused.

CLIMATE COMPENSATION

According to The New York Times, higher-income countries, such as the US, UK, and Germany, have been responsible for half of the world’s emissions for over a century. Though experiencing the same effects of climate change as other regions, developed countries—compared to developing ones—have more potential to prepare for climate-related disruptions. Therefore, as discussed at COP27 2022, these countries can help those more vulnerable than them by providing funds. According to NPR news, the damage caused by climate change in many developing countries could reach $290 billion to $580 billion in 2030 and more than $1 trillion per year in 2050. With that knowledge, experts at COP agreed that funding is one of the most concrete ways to create tangible changes in climate disaster alleviation. According to Euro News, Denmark has become the first high-income country to pledge 100 million Danish Krone ($14.4 million) to develop nations already harmed by climate change.

As ecological disasters worsen, in addition to all countries finding ways to adapt to climate change, countries with sufficient power and potential must collaborate to assist people in difficult situations. Apart from that, industries and businesses worldwide should be aware of the far-reaching consequences non-environmental-friendly actions can cause, then take corrective actions.

#BRANDi #GoodtoGREAT #ThinkWithBRANDi #ClimateChange #LossAndDamage #ClimateCompensation #economy #sustainability

Priding ourselves on sharing GREAT insights to society, we will continue to publish FREE content for ALL readers to uplift their knowledge and go from Good to GREAT!