- The 2022 United Nations Climate Change Conference (COP27) is set to be held from November 6 to 18 this year.
- Climate finance will be the major sticking point at the COP27.
- In 2009, the developed countries committed to provide 100 billion USD aid each year to developing countries by 2020 to help them minimise emissions and respond to climate change.
- This target was missed and deferred to 2023. Presently, developing countries are demanding payments for loss and damage caused by carbon emissions by developed economies.
- These countries argue that they suffer impact of climate change more than richer nations and have less financial capacity to address it.
- They are demanding the US and Europe to compensate for this.
- However, the US and Europe do not agree as they fear that if they compensate for their historic emissions, it could cost their economies billions of dollars for decades or even centuries into the future.
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