Factbox - Which countries are paying their 'fair share' to fight climate change?
investing.comBy Kate Abnett
BRUSSELS (Reuters) — As temperature records topple and extreme weather rages around the world, countries are preparing for talks at this year's COP28 UN summit on climate finance — money that large economies provide to help poorer states cope with climate change.
So far, countries have not delivered this money in the amounts promised. Analysts say some have paid more than their «fair share». Other nations say they shouldn't have to pay at all.
WHICH COUNTRIES PAY U.N. CLIMATE FINANCE?
The list of countries obliged to contribute dates back to U.N. climate talks in 1992. It has not been expanded since.
On it are 23 countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom and the United States.
The list also includes the European Economic Community — a precursor to the European Union.
Those not in the list include China, today the world's second-biggest economy, and high wealth-per-capita countries such as the United Arab Emirates. Some countries want that to change.
WHO HAS PAID THEIR FAIR SHARE?
U.N. rules do not specify how much each wealthy country should pay.
The London-based think tank ODI has estimated how much each rich nation should pay towards the $100 billion per year that wealthy countries have pledged to jointly provide, based on a country's national income, CO2 emissions since 1990 and population size.
That analysis suggested only seven countries had paid their «fair share» in 2020 — Denmark, France, Germany, Japan, the Netherlands, Norway and Sweden.
By ODI's ranking, the U.S. lags behind every other developed nation, when
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