"Rich Countries That Caused Pollution Must Take Responsibility" ... Will Damage and Compensation for Developing Countries Be Discussed?

The 27th UN Climate Change Conference of the Parties (COP27) Held in Egypt on the 7th
Focus on Climate Inequality Hindering Developing Countries, Funding Methods and Scale for Climate Change Response

On the 7th of this month (local time), the 27th Conference of the Parties to the Climate Change Convention (COP27) will be held in Sharm El Sheikh, Egypt. Photo by Reuters Yonhap News

[Asia Economy Culture Young Intern Reporter] The 27th United Nations Climate Change Conference of the Parties (COP27) is scheduled to be held in Egypt starting on the 7th (local time), drawing attention to whether discussions will take place on securing funding for loss and damage compensation for developing countries and addressing climate inequality.

Held in Sharm El Sheikh, Egypt, COP27 is the highest decision-making meeting under the United Nations Framework Convention on Climate Change (UNFCCC), where heads of state from member countries will gather to discuss solutions to the climate crisis. The conference will review each country's Nationally Determined Contributions (NDCs) aimed at limiting global temperature rise to below 1.5 degrees Celsius and assess the implementation of the Glasgow Climate Pact adopted last year. Discussions will also focus on adapting to extreme weather events such as heatwaves, floods, and wildfires.

In particular, compensation for countries suffering massive damage due to unprecedented extreme weather is expected to be discussed. Pakistan saw one-third of its territory submerged due to heavy rains this summer, and in Nigeria, at least 600 people reportedly died in floods last June. Sherry Rehman, Pakistan’s Minister of Climate Change, stated in an interview with The Guardian last September that "wealthy polluting countries should compensate Pakistan for the flood damages."

The impacts of climate change are harsher in developing countries, continuously raising issues of climate inequality with developed nations. Climate inequality refers to the phenomenon where Northern Hemisphere countries, having industrialized through fossil fuels, hinder the development of low- and middle-income countries under the guise of Green New Deals and carbon taxes. Currently, developing countries argue that developed nations are imposing climate change measures such as coal phase-out and forest protection, limiting their development. In response, developed countries seek to resolve the issue by providing some economic compensation to developing countries for global greenhouse gas reduction efforts.

Therefore, this year’s conference is expected to focus on how to secure funding and the scale of such funding. Especially since the conference is held in Egypt, representing developing countries and Africa, discussions will mainly revolve around securing funds for climate change response. The main agenda will be how much funding developed countries will provide to developing countries and the level of compensation.

However, the climate change response funds pledged by developed countries have fallen short of initial expectations. At COP16 in 2010, developed countries promised to mobilize $100 billion annually by 2020 (approximately 141.87 trillion KRW) to support greenhouse gas reduction and climate adaptation in developing countries. Although the total contributions have gradually increased each year, they still fall far short of the target. According to the Organisation for Economic Co-operation and Development (OECD), the estimated contribution in 2019 was only $79.6 billion (approximately 112.9 trillion KRW).

Additionally, China, the United States, India, and Russia rank first to fourth in greenhouse gas emissions, but the U.S. and Russia are in conflict due to the Ukraine war, and the U.S. and China have disputes related to semiconductors and energy. India, a dominant power in Southeast Asia, is preparing to increase renewable energy production and use but remains lukewarm about replacing existing energy sources such as coal and thermal power.

Sameh Shoukry, Egypt’s Foreign Minister and COP27 President, urged world leaders attending COP27 to fulfill previously promised commitments. In a letter, Shoukry expressed concern over the retreat of financial commitments to developing countries accelerating efforts to tackle climate change, stating, "The situation this year is not very encouraging." He added, "COP27 will create a special opportunity for the world to unite, reform multilateralism, rebuild trust, and produce the highest political unity to address climate change."

Furthermore, the conference will discuss enhanced carbon emission reduction targets, implementation plans for Nationally Determined Contributions (NDCs), overseas power plant investments, and the use of overseas greenhouse gas reduction credits.

At COP26, discussions were held on the use of climate change response funds for 'migration' and 'adaptation.' The agreement also included language on the 'phasedown of coal-fired power generation,' completed the Paris Agreement implementation rules, and decided to double the climate finance that developed countries must provide by 2025.

Meanwhile, the South Korean COP27 delegation advance team departed through Incheon Airport on the night of the 2nd. Including officials from the Ministry of Environment, Ministry of Foreign Affairs, Ministry of Trade, Industry and Energy, and Korea Forest Service, the team numbers about 50 people. Climate Environment Ambassador Na Kyung-won and Environment Minister Han Hwa-jin will represent the government on-site, with Ambassador Na scheduled to participate in a summit on the 7th alongside U.S. President Joe Biden and Brazilian President-elect Luiz In?cio Lula da Silva.

This content was produced with the assistance of AI translation services.