Saudi Arabia to seek compensation for climate pact oil losses

Energy Matters0



The principle of compensation for countries economically or socially affected by climate change has been established in the UN talks, but there is deep unease that the country which first denied man-made climate change and has long fought a new climate agreement should benefit from money intended to help poor countries.


Delegates from Aosis, the Alliance of Small Island States, this week said that it was “absurd” to allow Saudi Arabia to claim adaptation money.


“It goes against the spirit of the talks, which is to help the poor adapt to something they did not cause,” said one diplomat who asked not to be named.


“Besides, the small pot of money expected to be made available [by rich countries] would be seriously diminished if countries like Saudi Arabia are allowed to claim,” he said.


Saudi Arabia’s plan to claim money is also questioned following a major study by the International Energy Agency last year which found that oil-producing countries would not lose money for many years. This was strongly disputed by the Saudi delegation