Left MEPs are organising an international conference on the issue of climate finance.
They are pushing for the issue of loss and damage to be inserted in the Parliament’s resolution on the climate summit COP27.
The 27th UN Climate Change Summit is not only about emissions, it is about hope and justice – and about cash, say the MEPs.
According to the UN, up to US$300 billion per year will be needed from 2030 onwards for adaptation to climate impacts alone, for example for dams against flooding or for early warning systems.
As early as 2009, the industrialised countries pledged to provide poorer countries with 100 billion annually from 2020 to finance climate protection and adaptation measures. But they did not keep this promise.
A spokesman for the group said, ”We are facing a dangerous and alarming era of climate change impacts, causing massive loss and damage and driving up inequality in the world’s poorest countries that have contributed least to the climate crisis.”
“No one among those present in Egypt will be able to overlook the devastating floods in Pakistan, the destructive floods in Nigeria, the droughts in parts of Africa, the heat waves in Europe and in parts of Asia.”
“This event will explore the moral imperative for urgent loss and damage finance and trace the steps for what needs to happen at COP27 to put justice in action.”
Speakers include Elizabeth Wathuti, Katie Gallogly-Swan (UNCTAD), Sunita Narain (Director General of Centre for Science and Environment, India), Asad Rehman (Executive Director of War on Want), Lyndsay Walsh (Oxfam), Aissatou Diouf (Enda Energie Senegal), Sven Harmeling (CAN Europe), Sabrina Fernandes and Helen Yaffe.