COP27: countries are preparing to sign a fund for climate damage

COP27: countries are preparing to sign a fund for climate damage
COP27: countries are preparing to sign a fund for climate damage

A potential breakthrough on the thorniest issue of COP27, a fund that pays poor countries for the damage caused by climate change, could finally pave the way for a comprehensive agreement from the climate negotiations.

“There is an agreement on loss and damage,” Maldives Environment Minister Aminath Shauna said, although it still needs to be unanimously approved in a vote later in the day. .

Under the proposed draft fund for “loss and damage”, as the issue is called around the United Nations, developed countries are “urged” to contribute to the fund, but details remain vague.

There are outstanding questions about which countries are vulnerable enough to be eligible for funding, who is obligated to pay and whether the fund is accountable to the UN climate change body that convenes COP conferences, or s it operates independently.

“We managed to make progress on an important result,” said Wael Aboulmagd, who leads the Egyptian delegation.

The proposal, which comes after the talks have already passed the extra time, does not suggest that large emerging economies such as China should contribute to the pot, a key request from the European Union and the United States.

Losses and damages are the salient problem UN negotiations this year, which means that agreements on other key issues could be put in place following progress on the fund.

Egypt, the host country, today released another draft of the overall COP27 political agreement, known as the “cover text”. It ignores India’s demand to phase out oil and natural gas, falling back on last year deal phase out the dirtiest form of coal energy.

Climate groups were disappointed that this allowed wiggle room on global temperatures, referring to the more dangerous 2°C warming limit as well as the much safer 1.5°C that was mooted during the COP26 in Glasgow last year.

Saudi Arabia, China and Russia want to fall back on the 2C language that was in the Paris Agreement, while many vulnerable small islands, the EU, US and UK are part of those who advocate 1.5C.

Since the signing of the Paris climate agreement in 2015, scientists have realized that the dangerous impacts of climate change are worse than they expected at latitudes with lower temperatures.

EU climate chief Frans Timmermans told reporters a deal is within reach, but no deal is better than a bad deal

Read more:
‘This is our latest offer’: EU’s Curveball proposal raises hopes for COP27
Tensions rise as talks near critical moment
What it’s really like to be at the COP

“No better deal than a bad deal”

EU climate chief Frans Timmermans said earlier that a “good decision is within reach, but all partners will have to work very hard to make this possible”.

Still, he warned: “We want a good decision, but it’s better to have no decision than a bad decision.”

It is common for COP climate summits to run past the deadline until the final weekend, but Egypt has been criticized for letting things run so close to the wire, despite praise for skills and the experience of its diplomats.

The team in charge did not produce the first version of the draft agreement until Friday morning, with hours remaining until the close of the summit.

Sameh Shoukry, Egypt’s foreign minister, defended her presidency today, saying she had been “fully on board”.

“The challenge now rests on the will of the parties” who must “rise to the occasion and take responsibility for finding areas of convergence”, he said.

This vast geopolitical forum is a fight for narrative as well as results, with no country wanting to find itself blamed if things fail.

Watch the Daily Climate Show at 3.30pm Monday to Friday and The Climate Show with Tom Heap Saturday and Sunday at 3.30pm and 7.30pm.

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The show investigates how global warming is changing our landscape and highlights solutions to the crisis.

. COP27 countries getting ready sign funds for climate damage news climate

. COP27 countries preparing sign fund climate damage

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