After more than 30 hours of extended discussions, member states of the United Nations Climate Conference (COP27) finally reached a "historic" agreement on the morning of the 20th (Sunday) to establish a global fund for "loss and damage" to provide financial assistance to poor countries that have low carbon emissions but are suffering from climate disasters. The two-week meeting also came to an end.
Otherwise, the annual climate conference, hosted by Egypt and attended by representatives from nearly 200 countries, offered few breakthroughs. There was no significant progress on carbon reduction, and the discussions were marked by a number of backpedaling voices and threats to scale back commitments, ultimately resulting in a draw.
Loss and damage secures a 'moral' victory for environmental justice
Rich and poor countries alike cannot escape the impacts of extreme weather, but poorer nations have limited means to combat the climate crisis and often bear the brunt of the damage. The Loss and Damage Fund will provide the financial assistance needed to rescue and rebuild these countries. For over 20 years, industrialized nations have been willing to contribute to the Green Climate Fund but have been reluctant to establish a Loss and Damage Fund.
The Guardian reported that discussions on loss and damage had reached a stalemate, with the European Union making a U-turn on Friday, demanding that large economies or major emitters classified as developing countries side with donors, not recipients. The United States only agreed to the fund on Saturday, with the added condition that vulnerable countries receive priority. After all-night negotiations, UN climate change official Simon Stiell finalized the agreement at 7 a.m. on Sunday. It is estimated that it will take at least a year to finalize the details of the fund's operation.
Pakistan, whose worst flood of the century engulfed a third of its land this summer, is a symbol of the devastating climate disaster. Pakistan's Climate Minister Sherry Rehman welcomed the agreement, but she said it was not a charity but an investment in the future and climate justice.
The pressure was too great to hold on to the draw.
COP27, originally scheduled to conclude on Friday evening, was delayed for over 30 hours due to widespread disagreement. Besides the losses and damages, it also failed to propose ambitious targets for carbon emissions reduction. European Commission Vice President Frans Timmermans revealed that some countries were threatening to withdraw their 1.5°C target and scrap the requirement to update national emissions plans annually.
Alok Sharma, the British negotiator who chaired last year's climate conference, told Reuters he was disappointed with the outcome and that he could only stick to the bottom line of last year's commitment.
Source: Environmental Information Center (https://e-info.org.tw/node/235501)
