In the article written by David Gelles in 2022, the main issue raised is the lack of climate aid from developed countries to developing nations. Nowadays, many countries are struggling with CO2 emissions and global warming, which causes drought. As a result, while the developed nations, such as Europe and North American countries, are able to support their initiatives, the third-world countries are desperate due to the inability to fund their programs (Gelles, 2022). The given issue was raised by European countries who have different views on the given matter. While some countries contribute millions of dollars to emerging markets, others are apprehensive of such an idea since they fear giving loans to countries with unstable economies. Similarly, the president of France, Emanuel Macron, has encouraged rich nations, such as the U.S., to aid those in help (Gelles, 2022). However, the United States offered its personal plan regarding standards for corporations regarding emissions, which was not supported by others due to a lack of transparency and details.
I think one option for increasing international climate financing is simply to expand the list of funders. Currently, the list does not include major economies such as China, South Korea, Saudi Arabia, and Russia. There is a reasonable argument for including them on the basis of historical responsibility: sponsoring countries are now responsible for only 40% of historical carbon dioxide emissions, while China alone accounts for 11%. Another problem is that many of the countries in need of funding carry heavy debt burdens. Low-income countries spend five times more on debt payments than they do on climate change adaptation, while small island developing states spend 18 times more on debt repayment than they receive from climate finance. Calls for debt relief intensified after this year’s floods in Pakistan. The U.N. Development Program has advocated easing Pakistan’s multibillion-dollar external debt so that it can focus resources on combating the climate disaster. Most climate financing comes in the form of loans, exacerbating the debt problem.
Reference
Gelles, D. (2022). After decades of resistance, rich countries offer direct climate aid. The New York Times. Web.