COP27: Taking On The Burden Of Cost Of Climate Change

Morning Briefing

November 9, 2022

European countries make climate pledges

Wealthy nations have long resisted calls from developing countries to shoulder the costs of climate change. At last year’s U.N. climate summit, only one, Scotland, made any sort of pledge.

But at COP27, the dam may have begun to break.

As a country that is among the most committed in environmental conservation, will Bhutan seek a piece of the pie? Are we going to stake our rightful claim? Let us not dither.

Yesterday, Scotland pledged $5.7 million. Then, Ireland pledged $10 million, followed by Austria, which said it would pay around $50 million to vulnerable developing countries. Belgium, Denmark and Germany made similar pledges. Ursula von der Leyen, the president of the European Commission, endorsed the idea.

All eyes are now on the U.S., which has not agreed to new funds for poorer nations affected by climate change. Emmanuel Macron, the president of France, sent up a not-too-veiled flare yesterday to Washington. “Pressure must be put on rich non-European countries,” he continued, “‘You have to pay your fair share.’”