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Rich nations should pay up for emissions – Business Daily

COP27 comes in a year of new weather extremes on all continents: prolonged droughts, freak floods, melting polar ice. PHOTO | SHUTTERSTOCK
The United Nations Climate Change Conference (COP27) underway in Egypt started on a disappointing note for Africa with rich countries delaying the most important concession the continent is seeking.
Delegates were informed on Sunday that an agreement had been reached to postpone ‘the loss and damage’ as an agenda till no later than 2024.
Africa was looking forward to discussing whether polluting rich nations should compensate poor countries, who are the most vulnerable to climate change, for their suffering but the continent will be denied this opportunity once again.
It is disturbing that the world is still not ready to fully confront the climate challenge with tangible actions to protect the most vulnerable from the impact of the polluting nations.
Worse, short-term responses by governments around the world continue to make it difficult to meet the Glasgow pact’s goals of ending the dominance of fossil fuels.
The Russia Ukraine war, for instance, has also seen the world take several steps backwards as Europe adjusted to Russia’s move to use gas exports as a weapon by cutting supplies.
This created a global scramble for gas, pushing developing economies back to the most polluting of all fossil fuels like coal. The International Energy Agency (IEA) expects that in 2022, global coal consumption will match its all-time high of 2013.
It would therefore defeat the purpose of hosting the climate conference in Africa and ignoring the plight of developing countries who continue to bear the brunt of the actions of the richer nations.



Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.