At the UNO world summit there is a lot of gambling about the financing of climate protection. Austria is digging deep into its pockets for international projects – 1.5 billion euros in 2026!
For the first time in a series of many fruitless conferences, loss & damage financing is on the agenda in Sharm El Sheikh.
UN experts welcome this as a great relief for island states and countries in the Global South, which are already suffering enormously from the consequences of the climate crisis, such as rising sea levels or extreme weather.
The bottleneck, according to Greenpeace expert Jasmin Duregger: “It needs its own financial pot to ensure that the money flows in addition and is not wasted on other funding, such as climate protection measures.”
Austria is digging deep into its pockets
Environment Minister Leonore Gewessler had – as reported – promised an additional 220 million over the next four years. At least 50 million euros of this for repairing, avoiding and minimizing damage caused by the climate crisis. In comparison, Denmark has committed 13.4 million in this specific segment. The total ecological performance of Austria according to Finance Minister Brunner: 1.5 billion euros in 2026!
There is a hot battle for money in Egypt
Hot poker is now the order of the day, especially for the compensation fund! Especially since the 58 particularly endangered states alone have estimated their costs at €587.3 billion over the past 20 years. According to a study by the London School of Economics, climate-related losses could reach between $1.0 and $1.8 trillion – per year by 2050!
A look back at the 2009 Copenhagen Summit shows just how much the victims of climate change are being left in the rain. The crux, similar to all climate protection plans: there is no distribution key, which industrialized country should pay how much into the fund! As things stand, the pledges amount to $83.3 billion, but are already $16.7 billion short.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
