Day: December 5, 2019

How To Spend Money On Climate Change?

During the two-day meeting, jointly sponsored by Switzerland and Mexico, officials will assess how to spend money to reduce global warming, who should manage it and how it should be distributed.

Stopping the progress of global warming costs money. Rich countries, the major emitters of greenhouse gases, are expected to create funds to help the poorest nations, many of which are already dealing with the consequences of climate change, such as droughts or floods.

One of the few agreements reached last year during the United Nations climate conference in Copenhagen, Denmark, was the creation of a U.S. $ 30 billion funds to begin solving the problem and the possibility of establishing another U.S. $ 100,000 fund to long term.

However, what was not agreed upon is how that capital should be used, who would be responsible for distributing it, or even who should contribute money for this fund.

Different needs

Developing countries want help now, but they don’t want donors to cut their aid budget to fund this new initiative.

Rich nations, for their part, are eager to invest in green technologies. The goods or products that we use every day, such as a car or a refrigerator, must be sustainable and economical if what is wanted is to reduce global warming.

The Geneva meeting will explore ways to finance these changes.

Although the meeting is not expected to result in firm decisions, many believe that reaching an agreement is crucial if any progress is to be made at the next climate summit that will take place in Cancun, Mexico, in December.