Africa Bums Demand $700 Billion/Yr From Europe, USA, Asia For 'Climate Change'

[G.L.R.]

Africa demands $700 BILLION A YEAR from Europe, USA & Asia For 'Changing the Climate'

Nov 10, 2021


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Endless charity is a one-way street
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African nations want Cop26 to open discussions this week on a mega-financing deal that would channel $700bn every year from 2025 to help developing nations adapt to the climate crisis... These funds would also be essential, he said, to cope with the impacts, including fiercer heat, widening droughts and more intense storms and floods, which are using up an increasingly large share of GDP. "Talks about finance take time so we need to have a roadmap now with clear milestones on how to achieve targets after 2025 to ensure the money flows every year." It is also a question of justice. The climate problem was largely created by Europe, North America and east Asia, but the worst impacts are in the southern hemisphere.

For the African group, Glasgow is a time to make amends and lift the level of support in line with the greater urgency demanded by science. The money is needed immediately, say negotiators... "We have received some assurance during the world leaders' summit that they really want to close the gap and we have seen strong announcements on deforestation and methane," he said. "What we want to see now is implementation... But it has suffered many of the most devastating effects of climate disruption, recently including droughts in the Sahel and floods in the Nile delta.

Gabon is among a handful of nations that already have a carbon-negative economy because its vast tropical forests in the Congo Basin absorb more greenhouse gases than its factories, cars and cities emit. It has recently passed an ambitious climate law that aims to ensure the country remains dependent on forests and agriculture rather than the fossil fuel industry. To achieve this goal, it needs outside support so that the government can continue to raise living standards. Many African nations depend on coal for electricity and did not join a declaration this week by more than 40 countries to quit this most polluting of fossil fuels... We are still on our way to be developed. We can't drastically stop coal and oil. For now we need to use it to eradicate poverty and access to energy. We will need support for the transition... That transition will depend on a flow of funding.
 

Africa demands $700 BILLION A YEAR from Europe, USA and Asia for 'Changing the Climate'
Cop26: African nations seek talks on $700bn climate finance deal | Cop26 | The Guardian
https://www.theguardian.com/environment/2021/nov/08/cop26-african-nations-seek-talks-climate-finance-deal