Developing countries need at least $400 billion a year to address loss and damage from the climate crisis.
Developing countries need at least $400 billion a year to address loss and damage from the climate crisis.
The climate summit held this month in Dubai has closed in extremis an agreement that signals the beginning of the end of fossil fuels. The host of COP28 has described the event as historic for this reason, but many activists still question its effectiveness. The final text makes direct reference to those mainly responsible for the climate crisis oil, gas and coal. The agreement calls on countries to drastically reduce polluting emissions and triple global renewable energy capacity. The resources, however, are not the same in all countries.
Last year, capitals around the world agreed to create a loss and damage fund to pool resources to help countries most vulnerable to climate change. Industrialized countries committed to contribute voluntary contributions to cover the damage caused by natural disasters resulting from the climate crisis in developing territories.
The World Bank will be in charge of managing the reserves and all developing countries will be able to access financing. The first contributions from the European Union have amounted to 250 million dollars, while the Arab Emirates deposited 100 million, the United Kingdom, 50 million, and the United States, 17 million dollars. The European countries that have contributed the most have been, in this order, France, Italy and Germany. Spain has contributed a total of 21.8 million dollars. The figures, however, fall short.
Cristiano Ronaldo, player of Al Nassr of Saudi Arabia, occupies the first place in the table with a total expected income of 260 million dollars. The payroll doubles the maximum investment of world capitals in the reparation fund for countries damaged by climate change, a title held by France, with a donation of 100 million dollars. The salaries of Lionel Messi and Neymar also exceed this barrier. The fact that Cristiano Ronaldo is part of an Arab club with big oil companies behind it has generated even more criticism and many users have questioned this bad example.
The payroll of many footballers exceeds the money in the fund
The data is better understood if we compare it with closer and known realities. Saudi professional league clubs spent almost $1 billion acquiring 94 foreign players during last summer’s transfer period, according to a Deloitte report. The eleven highest-paid soccer players in the world will earn $995 million this season, excluding taxes and representation fees. In addition, five of them will exceed the nine-figure barrier. The current contributions to the reparation fund do not exceed 712 million dollars.