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Since 2009, developed countries have failed to meet their commitment to finance US$100 billion to help poor countries mitigate climate-related problems.
On Monday, the Climate Action Network International (CAN), Greenpeace, and Power Shift Africa denounced that the 27th United Nations Climate Summit (COP27) will have poor results with respect to the financing commitments that developed countries should acquire to compensate the poorest countries for the consequences of climate change.
While the COP27 discussion agenda included the issue of "loss and damage" related to global warming, it did not establish specific mechanisms to finance compensation, which contributes to the fact that multilateral commitments remain as rhetorical statements again.
"Unfortunately, the only way I can sum up how COP27 is going is with two words: poor start," Power Shift Africa Director Mohamed Adow said.
Despite the fact that the COP27 is being held in Africa, the summit has not given the opportunity to "mobilize the financing that vulnerable countries need to be able to address the damage and loss".
He also accused European nations of "harassing" vulnerable countries to accept a two-year window to negotiate an agreement that would not include compensation and accountability for historic polluting countries.
Hundreds of climate protesters blocked private jets from leaving Amsterdam's Schiphol Airport in a demonstration on the eve of the #COP27 United Nations climate meeting in Egypt on Saturday.
"We cannot allow COP27 to become a farce. We cannot let it happen," Adow said, stressing that developed countries want "they want to turn Africa into Europe's gas station" in order to compensate for the energy supply problems caused for the Ukrainian conflict.
CAN Director Tasneem Essop highlighted that developed countries should reduce greenhouse gas emissions faster than developing countries. She mentioned that their lack of commitment to finance concrete measures is preventing nations from containing the increase in global temperature beyond 1.5 degrees.
Since 2009, developed countries have failed to meet their commitment to finance US$100 billion to help poor countries mitigate climate problems, Greenpeace MENA campaign director Ahmad El Droubi recalled and explained that 17 percent of what appears to be climate-related financing is actually loans that increase the debt of developing countries.
#COP27 | Venezuela's President Nicolas Maduro arrives at the Climate Change Summit in Egypt.
"We will expose the firm position of Venezuela against the destructive and polluting attacks of the capitalist system on our planet Earth,” he said. pic.twitter.com/yOBspMExjg