“We face a global challenge that we can only overcome together,” Climate Protection Minister Leonore Gewessler (Greens) said on Tuesday.
One of the central questions at the World Climate Summit in Egypt is whether and how rich countries should pay compensation to states that are particularly hard hit by the effects of climate change.
The Austrian Ministry of the Environment does not want to wait for these processes, which can sometimes take very long, and wants the money to flow into existing structures. “Austria takes responsibility and becomes a pioneer in international climate finance,” said Gewessler.
The German government also announced on Monday a protective shield to deal with climate risks, which will be officially instituted in the second week of the climate conference. The office for this will be established in Frankfurt am Main, Germany will provide 170 million euros as start-up financing. It is unclear which other countries are participating with how much money. The funds should be made available to countries particularly hard hit by disasters such as hurricanes, droughts or floods.
(SDA)
Source: Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
