Tough Question
Who should compensate for the 'loss and damage'?
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Developing countries have been arguing for decades that developed countries, which have historically emitted more greenhouse gasses, shouldn’t just be making charitable donations as climate-related disasters hit. Instead, they should make mandatory contributions to a fund to compensate poorer countries for 'loss and damage' - also known as climate reparations. However, the fund hasn't even materialized yet.
During last year’s UN climate summit, Scotland was the first developed country in the world to offer some money for the 'fund', pledging around USD 2.3 million. Other wealthy countries refused to discuss the idea even.
Out of the appeal for USD 160.3 million by the UN to fund short-term relief efforts for 5.2 million of 33 million affected by the floods (we discussed this in Macro Bite # 103), the U.S has pledged to give USD 30 million, the U.K around USD 17.3 million, Canada USD 3.8 million and Australia USD 2 million (this adds up to around 33% of the funding only, that the UN has appealed for).
Pakistan's long-term cost for this 'loss and damage' is around USD 10 billion (an estimate given by the country's planning minister) which is equal to almost 4% of its GDP and what the UN has appealed for is just 1.6% of this long-term cost estimate.
Please donate as much as you can to help those who are affected.
GRAPHIC OF THE DAY
Humans release billions of tonnes of CO2 into the atmosphere every year. However, the distribution of these emissions is unequal – as they are disproportionately produced by people in wealthier countries who have more carbon-intensive lifestyles. Pakistan's annual share (%) of global CO2 emissions was 0.67% during 2020 (which is quite less compared to other wealthy countries)
INSTAGRAM POST
Trade Update August 2022 — www.instagram.com
⚫ Exports: Monthly export of goods increased to USD 2.5 billion
⚫ Imports: Monthly import of goods increased to USD 6 billion
⚫Trade Deficit: Trade deficit was 28% more than July 2022 and 18.4% less than August 2021
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TWEET
🇵🇰 🌊 Flood-ravaged Pakistan also has to cope with skyrocketing inflation.
What Else We’re Reading
Authorities in flood-hit Pakistan breached the country's largest freshwater lake on Sunday to avert overflow (Reuters)
Rich polluting countries are predominantly to blame for the “dystopian” climate breakdown, says Pakistan's Climate Change Minister (The Guardian)
About Us Macro Pakistani is a data driven research platform that aims to provide a basic understanding of Pakistan’s economy. If you have an interest in contemporary news but are currently overburdened with sensationalism and specialized vocabulary, we are the platform for you.
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