COP27 approved the creation of a special fund to cover damages in countries vulnerable to climate change

Spread the love

A transition committee made up of 24 countries, including three from Latin America and the Caribbean, will work out the details on the operation and financing for a year of this initiative, with a view to adoption at the 2023 conference

< /i>

COP27 approved the creation of a special fund to cover damages in countries vulnerable to climate change

COP27 approved the creation of a special fund to cover damages in countries vulnerable to climate change. (REUTERS)

The UN climate conference (COP27) approved this Sunday morning the creation of a loss and damage fund to countries “particularly vulnerable” to climate change, a historic demand from the nations of the South.

After more than a day behind schedule, the nearly 200 members of COP27 approved the decision by consensus at the start of a plenary session in the middle of the night in Egypt.

A round of applause celebrated the approval of this item on the agenda, after a long negotiation that lasted until the early morning.

The UN climate conference has not officially concluded its work yet.

In one of the longest and most late sessions in living memory, delegates to COP27 once again withdrew for to continue negotiating, at the request of the Egyptian presidency.

The idea of ​​this fund began to take shape three decades ago, when the countries of the South began to demand reparations for global warming, for which they have not historically been responsible.

COP27 approved the creation of a special fund to cover damages in countries vulnerable to climate change

The idea of ​​this fund began to take shape three decades ago, when the countries of the South began to demand reparations for global warming, for which they have not historically been responsible. (REUTERS)

The fund, which will not be immediately operational, will provide predictable and adequate financing to “particularly vulnerable developing countries”, according to the text.

A transition committee made up of 24 countries, including three from Latin America and the Caribbean, will work out the details on the operation and financing of this initiative, with a view to its adoption in the COP28 at the end of 2023, one year before the deadline set so far.

Financing will fall basically on the rich countries, those that most have contributed to global warmingl.

But one of the work tracks agreed this Sunday calls for “expanding funding sources”, which would leave the window open for countries such as China to participate as a donor to this fund, a demand expressed by the European Union and Canada, among others.

The Chinese representative, Xie Zhenhua, previously warned that the participation of developing countries in this The fund should be “voluntary”.

The agreement of the COP27 also invites the World Bank and the Monetary Fund International to provide “financing solutions”.

COP27 approved the creation of a special fund to cover damages in countries vulnerable to climate change

The COP27 agreement also invites the World Bank and the International Monetary Fund to provide “financing solutions”. (REUTERS)

But it does not mention the possibility of forgiving foreign debtas a relief measure, as defended by countries such as Colombia.

The figures for direct and indirect damage caused by climate change are astronomical.< /p>

According to theGrantham Institute, losses and damages could reach between 290,000 and 580,000 million dollars a year by 2030.< /p>

At COP27 all decisions must be made by consensus. And among the delegations there persisted a great division on other issues, for example, settling the future of fossil-derived energies, emitting CO2 and methane, two gases that cause the greenhouse effect.< /p>

Many developing countries and also European countries want COP27 to establish that the use of fossil fuels must be progressively abandoned, an extreme that is opposed by nations that produce oil as Saudi Arabia, according to the sources consulted.

COP27 approved the creation of a special fund to cover damages in countries vulnerable to climate change

At COP27 all decisions must be made by consensus. And among the delegations there was still a great division on other issues, for example settling the future of fossil fuels, CO2 and methane emitters, two gases that cause the greenhouse effect. (REUTERS)

“We have to start working on getting rid of fossil fuels, because it is the only way to maintain the goal of 1.5ºC warming” regarding the pre-industrial era, Malcolm Stufkens, Undersecretary of the Environment of Honduras, had told journalists at dawn.

Mitigation is essential to maintain the objective of limiting global warming to +1.5ºC, set out in the Paris Agreement of 2015.

Another of the points under discussion in Sharm el Sheikh is the future of long-term financing to adapt to climate change and mitigate gas emissions< /b>.

COP27 approved the creation of a special fund to cover damages in countries vulnerable to climate change

Many developing countries and also European countries want COP27 to establish that the use of fossil fuels must be progressively abandoned, an extreme that is opposed by oil-producing nations such as Saudi Arabia. (REUTERS)

In 2009, developed countries pledged to spend 100 billion dollars a year by 2020 to help poor countries adapt to climate change and reduce their emissions, and at the same time undertake the energy transition.

And that amount of 100,000 million dollars, which has not been completed, must be increased by beginning in 2025.

(With information from AFP)

Continue reading: