COP28: Ramaphosa urges for “new, at scale and appropriate finance” to back vulnerable nations

On Friday (Dec. 01), South Africa's President urged world leaders, gathered for the COP28 in, to do more for vunerable countries that disproportionately bear of impact of the climate crisis. "African countries are among the most vulnerable to the effects of a rapidly changing climate and have to adapt and build resilience within the context of historically low levels of development and severely limited capacity." Historically, industrialized nations have spewed out the most carbon emissions that are trapping heat in the atmosphere.

President Cyril Ramaphosa spoke on the second day of international climate talks in Dubai. He is among more than 170 world leaders set to address the United Nations climate conference in Dubai.

On the first day of the climate conference, nearly all nations finalized the creation of a fund to compensate countries struggling to cope with loss and damage caused by climate change.

Sultan al-Jaber, the president of the COP28 climate conference in Dubai, said Thursday (Nov 30) that $420 million were commited in the first hour of the announcement.

Ramaphosa welcomed the move but called for scaled-up grant finance.

"There can be no substitute for new, predictable, at scale and appropriate public finance to support and help developing economy countries build climate resilience. After all, many of them were not even responsible for the damage to the climate as we see it now."

Not up to the task

The total committed so far is a little over $576 million, according to a tally by the Natural Resources Defense Council, an environmental advocacy group. Campaigners said the U.S. offering was woefully inadequate from the world's biggest historical polluter. Bineshi Albert of the Climate Justice Alliance called it "insulting."

"It is a paltry, shameful amount of money that shows the U.S. is completely uninterested in prioritizing or being accountable to the climate impacts frontline communities are facing," she said.

The United States have pledged $17.5 million. However, the leaders of the two biggest carbon-polluting nations — responsible for more than 44% of the world's emissions — aren't there to get the in-person message.

U.S. President Joe Biden and China's President Xi Jinping are sitting out this COP, just weeks after announcing a bilateral agreement to help cut down on methane emissions.