Time is running out to save the Paris Agreement, UN climate experts warned Tuesday at a key Bangkok meeting, as rich nations were accused of shirking their responsibility for environmental damage.
The rule book will have guidelines for the treaty’s 197 signatories on how to provide support to developing countries worst affected, and manage the impact of climate change.
If nations cannot reach an agreement by a December summit in Poland—known as COP24—the Paris Agreement, carved out in 2015, will be at risk.
“The credibility of the process… is at stake,” Michal Kurtyka, president designate of COP24, said at the opening of Tuesday’s meeting.
“We are not moving as swiftly as we can,” he added. “We need concrete propositions and solutions now.”
Money is at the heart of issue. The Paris Agreement has promised $100 billion annually from 2020 to poor nations already coping with floods, heatwaves, rising sea levels and super storms made worse by climate change.
Developing countries favour grants from public sources and demand visibility on how donor nations intend to scale up this amount.
Rich countries want more private capital in the mix and prefer projects with profit potential.
Pressure is mounting on developed nations to take on more long-term financial responsibility given that their progress has exacerbated climate change.
As the impacts get worse, “the poorest and most vulnerable, who have contributed almost nothing to the problem, suffer more,” said Patricia Espinosa of UN Climate Change, in a statement.