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China; other large economies must also pay for loss and damage: EU

  • November 17, 2022
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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China; other large economies must also pay for loss and damage: EU

Subject : Environment

Context-

  • Supporting the demand first put forward by the small island countries, the European Union asserted that China must also be asked to contribute towards loss and damage finance, a new funding mechanism that is proposed to be set up to help poor countries hit by climate disasters.

EU’s stand-

  • China is one of the biggest economies on the planet, with a lot of financial strength.
  • In 1992, there was a reasoning behind this, which I can follow, but no longer in 2022.
  • EU’s position deepens the divide on the loss and damage finance.
  • India is not being mentioned by name but some small island states have said that India must also be asked to contribute.
  • The US also wants both India and China, and possibly other major economies, to contribute.
  • EU was open to a setting up a new facility, but a much better, and quicker, way to start helping the affected countries right away was to use the existing financial instruments.
  • The US, and other developed countries, also want existing instruments to be used for this purpose.

Concern over beneficiary of the climate finance-

  • There is also a big difference on who the beneficiaries of loss and damage finance would be.
  • Developing countries want every one of them to be able to access this money, but others have been insisting that only the most vulnerable and poor countries should benefit.
  • Another issue being keenly tracked is the Indian proposal for a decision calling for a phase-down (instead of phase out) of all fossil fuels (and not just coal).
  • The Indian proposal has won support from large number of developing countries and even EU, which uses large amount of oil and gas.
  • But the United States is not on board, and neither is China.
China; other large economies must also pay for loss and damage: EU Environment

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