21. Environmental costs: Who should pay to fix climate change?
This episode of The Weekly Tradecast looks at who should pay to fix the damage from climate change with Katie Gallogly-Swan from UNCTAD’s globalization and development strategies division.
At the recent COP 27 climate summit, world leaders agreed to set up a "loss and damage" fund to support developing countries hit the worst by storms and drought as the planet heats up.
But the big question about who should pay was left unanswered. Money has long been a sticking point – along with making good on existing commitments.
A decade ago, the world’s most industrialized countries pledged to mobilize $100 billion every year by 2020 to help developing countries move to cleaner energy and protect themselves against more intense heat waves and floods as the planet warms. So far, those promises have not been met.
Is the advanced world failing to meet its climate finance commitments? Tune in to UNCTAD’s Katie Gallogly-Swan to find out.