"Given the spiralling costs of deadly heatwaves, droughts and rising sea levels, the new #ClimateFinance target is expected to be far larger than the existing U.N. commitment of rich countries to spend $100 billion per year from 2020, a target they failed to meet on time.
A draft statement for a meeting of #EU foreign ministers later this month showed the 27-nation country bloc will argue the oil and gas sector should also contribute."
Unable and/or unwilling to cough up even the inadequate $100 bn a year in #ClimateFinance to developing countries, now EU countries are pointing their finger at the #FossilFuel industry and saying the polluter needs to pay.
Last year Big Oil and Gas made over $300 bn in profit by wrecking the planet, so it's not unreasonable that they be asked to pay for adaptation and resilience building in poor countries.
OpEd from Bangladesh:
"It simply defies common sense that the world powers are allocating big chunks of their national budget worth hundreds of billions of dollars to finance wars in Ukraine and the Middle East, when climate change-induced extreme weather events are wreaking havoc everywhere."
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