The
United States and Europe bear more than half the cost of repairing the damage already wrought by climate change, a coalition of environmental groups said Monday.
Based on their historic greenhouse gas emissions, the US and EU should be held jointly responsible for 54 percent of funding owed to developing nations already dealing with extreme flooding, droughts and megastorms rendered more frequent and intense by global warming, the groups said.
A week ahead of a UN climate summit in Madrid -- in which the controversial issue of how funding for the so-called "loss and damage" inflicted by climate change will be provided -- they said the amount needed would hit $300 billion annually within a decade.