No world order funding climate justice

The author contends that the EU's current climate finance is insufficient compared to its historical responsibility for emissions and its domestic spending. While the EU aims for carbon neutrality, the text argues this creates a 'green fortress' that neglects the needs of vulnerable nations. It suggests reallocating fossil fuel subsidies and implementing taxes on polluters to fund global climate action and warns that the Carbon Border Adjustment Mechanism (CBAM) could economically penalize African exporters.

• The 'loss and damage fund' approved at COP28 is insufficient, with pledges of 651 million euros covering less than one per cent of the estimated annual losses faced by developing nations. The fund also lacks a replenishment cycle, which threatens its long-term sustainability.
• There is a stark disparity between the EU's domestic climate investments and its international contributions. The EU allocates approximately 28.5 billion euros annually to global climate finance, which is at least five times less than its yearly domestic investment.
• Historical emissions data highlights a responsibility gap: between 1751 and 2017, EU countries (including the UK) were responsible for 22 per cent of global emissions, while Africa, Asia, and Oceania accounted for only 7.2 per cent.
• The EU's Carbon Border Adjustment Mechanism (CBAM), scheduled for phase-in from 2026 to 2034, could cost Africa up to 23 billion euros annually by harming the competitiveness of emissions-intensive commodity exports.
• The EU could generate significant climate finance by replacing fossil fuel subsidies, which reached 123 billion euros in 2022, with green subsidies or by implementing a Climate Damages Tax on fossil fuel producers.

APA

Besliu, R. (2023). No world order funding climate justice. Green European Journal. https://www.greeneuropeanjournal.eu/no-world-order-funding-climate-justice/

Chicago

Besliu, Raluca. No world order funding climate justice. Green European Journal, 2023. https://www.greeneuropeanjournal.eu/no-world-order-funding-climate-justice/.

Wikipedia

{{cite press release |last1=Besliu |first1=Raluca |title=No world order funding climate justice |publisher=Green European Journal |date=22 December 2023 |url=https://www.greeneuropeanjournal.eu/no-world-order-funding-climate-justice/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{besliu2023world, author = {Besliu, Raluca}, title = {{No world order funding climate justice}}, publisher = {Green European Journal}, year = {2023}, month = dec, url = {https://www.greeneuropeanjournal.eu/no-world-order-funding-climate-justice/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }