It is a new financing objective that will replace the current goal, established during the Paris Agreement, and by which Developed countries committed to contributing $ 100 billion a year starting in 2020. That goal was only reached this year, the last of its validity. According to CAN – the organization that accused the EU of dragging its Special Data feet in this negotiation – the bloc chaired by Spain (who holds the rotating presidency of the EU Council) “does not want to ensure long-term funds for those affected by the change.” climate". The NGO thus downplays the adoption by the Union of the loss and damage fund at the beginning of this COP . "The celebrations," they state in a press release, "will be canceled if the fund is not continually replenished.
The Spanish delegation declined to respond to Climática 's questions for this article. Acronym salad The discussion about how rich countries should provide the necessary funds for the ecological transition of the less industrialized ones has been one of the sticking points of this COP. Drawing the borders between the three avenues of climate action (mitigation, adaptation and loss and damage) has become a central decision, and the final responsibilities of each of the Parties depend on it. It is on these responsibilities that the amounts that each of these Parties must contribute to the different multilateral funds that arise from the negotiation will end up depending. Karla Maas Wolfenson , CAN's advocacy advisor in Latin America (CANLA), was very harsh with the position maintained by the EU. "This has been a Fossil of the Day well deserved by the European Union, for not wanting to assume its responsibilities," said Maas in statements to Climática .