President Biden’s Climate Czar John Kerry recently said the United States would contribute several million dollars to the new Loss and Damage Fund for developing nations dealing with the impact of climate change, Bloomberg reported.
While at Bloomberg’s New Economy Forum in Singapore, Kerry announced that the US would contribute to the fund at the COP28 global climate summit this month in Dubai.
The fund was established during last year’s global climate summit in Egypt. Earlier this month, a committee made up of several participating countries presented details on how to set up the fund to compensate developing countries for the impact of climate change.
In its proposal, the committee called for developed countries to voluntarily contribute to the fund, which will be managed in the interim by the World Bank.
Kerry’s promise to contribute several million to the fund was met with criticism from climate activists and civil society groups who say it is far too little from the country they claim is most responsible for climate change.
ActionAid USA’s Brandon Wu told Bloomberg that Kerry’s promised contribution was “almost an insult.” Wu said the United States is responsible for around 25 percent of greenhouse gas emissions and the country’s share of the fund should reach $70 billion a year by 2030.
According to Wu, while Kerry’s promised “several million” would be “better than nothing,” it would be far short of “truly meaningful.”
The world’s developing nations have asked for around $100 billion a year to combat their losses due to climate change. While projections of potential climate-related damage vary, the general estimate is hundreds of billions a year by 2030 reaching trillions by 2050.
Harjeet Singh of Climate Action Network International told Bloomberg that Kerry’s promised contribution would fall short given the “urgent and substantial action required.” Singh accused the United States of shirking its responsibilities in the fight against climate change.