Here is the main practical reason that developed countries have been reluctant to pay up on #ClimateFinance, #LossAndDamage, and generally helping developing countires: we owe a lot.
As in, thousands of dollars for every citizen in developed countries. Every year. Until 2050.
This paper spells it out, by country:
"The #compensation system is based on the idea that the #atmosphere is a #commons, a natural resource for everyone to use equitably and sustainably."
"A vicious cycle of crippling #debt, #disaster, and more burdensome repayments prevent [low to middle income countries] from investing in climate #resilience, strengthening democratic institutions, and delivering public services that can reduce economic and social #inequalities."
#India needs 2.5 percent of its GDP ($ 3.2 tn) to cut #emissions deeply. That's $ 80 bn a year.
"Estimates suggest that compared with a no policy action scenario that could increase India's carbon emissions to 3.9 gigatonnes by 2030 (from 2.7 gigatonnes in 2021), a balanced policy intervention can lower carbon emissions to 0.9 gigatonne by 2030, the report added."