It is true that the previous industrialized countries “are responsible for the climate damage of the past and most of the present,” said Baerbock. “But all major emitters are responsible for future climate damage.” Therefore, they must also make their contribution, said the Foreign Minister, without naming China directly, which has been the world’s largest greenhouse gas emitter for years.
The main argument in Sharm el-Sheikh is the creation of a new financial facility – such as a fund – for climate-related damage (“Loss and Damage”), which the developing countries are vehemently demanding. China also supports this demand, but has so far shown no willingness to pay in itself.
Baerbock also declared himself ready to create a “new instrument”, but on a broader basis. “We want this financing instrument,” said the Foreign Minister. However, it should be embedded in a “financial mosaic” made up of different instruments.
EU Commission Vice-President Frans Timmermans made a similar statement at the climate conference. “We are willing to discuss the possibility of a financial facility, but on a broader scale, what I call a mosaic,” he said.
