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oe Biden says the US will sign-up to a UN-backed fund to pay reparations to developing countries worst-affected by climate change.
The creation of the fund was announced Saturday. It was negotiated at the United Nations‘ COP27 Summit in Egypt, was originally known as a ‘loss and damage’ fund and had been blocked by previous American administrations.
The nations who’ll benefit from the funds are largely from Asia, Africa, Latin America, the Caribbean and the South Pacific. They say they’re set to be worst-affected by rising sea levels and other weather extremes blamed on carbon emissions created by wealthier countries.
Last year, Biden was granted $1 billion to help developing countries tackle climate change, although it’s unclear if that cash will go into this fund.
The president also faces having his plans stymied by the GOP-majority house, which would have to approve any funding mooted by the White House.
There will be wrangles with fellow UN members over who pays what – which could well mean nothing gets done until after the next presidential election in 2024.
And if a Republican like GOP golden boy Ron DeSantis ends up winning the presidency, the fund could face being scrapped again.
Donald Trump famously pulled the US out of the 2015 UN Paris Accord on climate change, saying it represented a bad deal for America – with DeSantis known to share many of the 45th president’s views.
China – the world’s biggest polluter – wouldn’t have to contribute to any global fund, because it is still considered a developing nation, despite its vast wealth.
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