For the world to succeed in its efforts to keep global warming within acceptable limits, it is essential that poorer countries are given the funding they need to play their part. This was the key message delivered by Loomba Foundation Chair Lord Loomba speaking in the House of Lords last week [Thursday 18 November].
Describing the $100 billion promised to developing countries and not yet delivered as “a critical part of the grand bargain that underpins the Paris Agreement”, Lord Loomba denounced the failure to meet that pledge and said progress must be made during the remainder of the UK’s presidency.
“We know… that some countries are already in grave peril and facing humanitarian crises. These include island nations and coastal communities in many other countries. The people in these affected parts, who have done nothing to cause this man-made emergency, lack the means to mitigate or even escape the fate that awaits them,” he said, adding that “it would be most unfair to ask countries in sub-Saharan Africa, South Asia and South America, which already have a very low standard of living, to make further sacrifices without the support of the richer nations which have played a far more significant role in creating the situation.”
Responding to the debate on COP26 which had been initiated by Baroness Young of Old Scone, Environment Minister Lord Goldsmith acknowledged Lord Loomba’s intervention and said that agreed that “even if we keep warming to 1.5 degrees, the world will change and the most vulnerable countries, particularly small island states, will be very badly affected.”
Lord Goldsmith pointed to the COP26 agreement to establish the Santiago Network to initiate a dialogue around finance for the loss and damage suffered by affected countries and agreed that “it is our job now as COP president for the next year to ensure that that dialogue leads to something.”
