Cop27 approves historic ‘loss and damage’ fund for climate impact in developing countries | cop 27

Developing nations celebrated Sunday morning Crucial climate talks end in ‘historic’ deal on their most important climate goals: a global “loss and damage” fund, providing financial assistance to poor nations stricken by climate catastrophe.

Sameh Shoukry, Egyptian Minister of Foreign Affairs and Chairman of the Board of Directors cop 27 The UN Climate Summit in Egypt said: “We have risen to the occasion. We have worked around the clock, day and night, but are united in working for one gain, one higher goal, one common goal. In the end we have delivered. We have listened to the pleas of distress.” and despair.”

Sherry Rehman — Pakistan’s climate change minister where suffering record floods in September became a symbol of the devastation facing developing countries — hailed the “historic” agreement to applause in the conference room.

She said, “This is not about accepting charity.” “This is a down payment on investing in our future and in climate justice.”

“It has not been easy at all,” Simon Steele, the UN climate chief, told exhausted delegates when the gavel was dropped on the final deal at 7 a.m., after an all-night negotiating session. “But this outcome will benefit the most vulnerable around the world.” .

But he warned that the time was short to take action on the agreed goals, and that there was “no turning back”. He said national plans put forward by countries on reducing greenhouse gas emissions by 2030 were insufficient to meet the vital goal of limiting the rise in global temperatures to 1.5°C above pre-industrial levels, in line with scientific advice. “The [national plans] Just don’t add up,” he said. “Keep your eyes on 2030. That’s our horizon.”

Poor nations and climate advocates rejoiced. Sir Mollyn Joseph, Minister of Health, Welfare and Environment of Antigua and Barbuda, and Chair of AOSIS, said: “Today, the international community has restored global confidence in this critical process dedicated to ensuring that no one is left behind. The agreements reached at Cop27 are a win for our world “We have shown those who have felt left out that we hear you, we see you, and we give you the respect and care you deserve. We must work even harder to stick to the 1.5°C warming limit, activate the Loss and Damage Fund, and continue to create a safe, just and equitable world for all.”

The two-week conference in Sharm el-Sheikh ran more than 36 hours past its Friday night deadline, and was marked by stark division and harsh words between rich and poor.

At many stages, it seemed impossible to strike a deal. In recent hours, states have waded into debate over single words in a result that included issues from the 1.5°C temperature target, phasing out fossil fuels, indigenous needs and rights, protecting nature, and how to engineer a “just transition” to clean energy for those who depend economically. on fossil fuels.

The deal was far from perfect, with several key items defective or missing. Some countries said commitments to limit temperatures to 1.5C did not represent any progress at the Cop26 conference in Glasgow in 2021, where a similar target was agreed.

Frans Timmermans, Vice President of the European Commission, spoke about the arduous negotiations that involved Some countries are trying to cancel the 1.5°C targetand scrapping the requirement set out in Glasgow for countries to update their emissions plans every year.

“Many parties are not ready to make more progress today in combating the climate crisis,” he warned. There have been many attempts to go back on what we agreed in Glasgow. This deal is not enough [on cutting emissions]. “

At 1.5 degrees Celsius, language was very weak, Timmermans said. “We are disappointed that we didn’t make it [more],” he said. “We all failed.”

Oil-producing nations in the talks also aborted a proposal from India to phase out all fossil fuels, watered down to a phase-out of coal, exactly mirroring the commitment made in Glasgow. The wording was the subject of heated discussions into the early hours of Sunday morning.

But in the end, as dawn broke over the Red Sea, the Egyptians gave in Forge a compromise deal that have achieved the required consensus under UN rules. “We leave with stronger collective resolve and determination,” Shoukry said.

He said the 1.5C temperature limit is still within reach, and countries must work to stay within that limit.

He added that it was appropriate to agree on the Africa Loss and Damage Fund.

Loss and damage has been the most controversial issue in the Conference of the Parties (COP), and has been a longstanding demand by developing countries since the signing of the United Nations Framework Convention on Climate Change in 1992.

Losses and damage indicate the most severe effects of extreme weather on the physical and social infrastructure of poor countries, and the financial aid needed to save and rebuild them.

For about two weeks, the European Union and the United States have rejected poor countries’ demands for a new fund to deal with loss and damage, arguing that existing funds should be redirected for this purpose. Early Friday morning, it was The European Union has taken a turnto approve a fund on the condition that large economies and big-emitting countries still classified as developing countries under the rules of the United Nations Framework Convention on Climate Change, dating back to 1992, should be included as potential donors, and excluded as recipients.

Many poor countries and activists saw this as an attempt to separate needier developing countries from larger economies such as China, Saudi Arabia and other Gulf states, and they fiercely resisted this.

This disagreement took up most of the remaining time for negotiation on Friday and Saturday, and the US only indicated its approval of the fund on Saturday. But the compromise – under which the vulnerable would be given priority, and the door open to voluntary contributions from countries still classified as developing – was agreed upon in the early hours of Sunday morning.

It will likely take at least a year, until the next Climate Conference of the Parties in the United Arab Emirates in November 2023, to sort out some of the details of how the fund will operate. There is also, to date, little money to the fund, as few states have made large cash pledges for losses and damages.

UN Secretary-General António Guterres said the fund was an “important step towards achieving justice” for poor countries that did little to cause the climate crisis, but are suffering the worst of its effects.

“I welcome the decision to establish and operate a loss and damage fund for the coming period,” Guterres said. Obviously, this will not be enough, but it is a much needed political signal to rebuild the broken trust. The voices of those on the front lines of the climate crisis must be heard.”

Leave a Comment