After nearly two weeks of impasse, governments appear to have achieved a compromise on who should pay for climate-related damages, though many details remain to be negotiated.
A potential breakthrough on the most difficult subject at COP27, a fund to compensate impoverished countries for climate-related damages, could finally open the way for a comprehensive climate agreement.
“There is an agreement on loss and damage,” said Maldives environment minister Aminath Shauna, adding that it must be unanimously approved in a vote later today.
Under the draught proposal of a fund for “loss and damage,” as the subject is known in the realm of the United Nations, wealthy nations are “encouraged” to contribute to the fund, but the specifics remain unclear.
Unanswered questions include which nations are sufficiently vulnerable to qualify for the money, which countries are required to contribute, and whether the fund is accountable to the UN climate change body that organizes the COP conferences or works independently.
Wael Aboulmagd, who leads the Egyptian delegation, stated, “We were able to make headway on an essential conclusion.”
The plan, which arrived after the negotiations had already entered extra time, does not indicate that big emerging nations such as China should contribute to the fund, a key demand of the European Union and the United States.
Loss and damage is the central issue in this year’s UN negotiations, so progress on the fund could pave the way for agreements on other important subjects.
Today, Egypt, the COP27 host nation, unveiled a new version of the “cover text” for the overarching political agreement. It disregards India’s plea to phase out oil and natural gas, instead relying on an agreement made last year to phase out the worst form of coal power.
Climate groups were dissatisfied that it provided for wiggle space on global temperatures, citing the more catastrophic 2C warming limit as well as the much safer 1.5C discussed at COP26 in Glasgow in 2014.
Saudi Arabia, China, and Russia want to return to the 2C language in the Paris Agreement, whereas several small vulnerable islands, the EU, the United States, and the United Kingdom advocate for 1.5C.
Since the Paris climate accord was signed in 2015, scientists have realized that the catastrophic effects of climate change at lower latitudes are harsher than anticipated.
No bargain is preferable to a bad one
Frans Timmermans, the EU’s climate leader, stated before that a “positive outcome is within reach, but all partners will have to work extremely hard to make it happen.”
However, he cautioned, “It is preferable to not decide then to make a poor one.”
It is typical for COP climate meetings to extend into the final weekend, but Egypt has been criticized for allowing things to go so close to the wire, despite plaudits for its diplomats’ skill and experience.
The team in charge did not submit the first draught of the agreement until Friday morning, just hours before the summit was scheduled to end.
Today, Sameh Shoukry, the Egyptian foreign minister, defended the country’s presidency, stating that Egypt was “completely involved.”
“The matter is now in the hands of the parties,” who must “rise to the occasion and assume responsibility for identifying areas of convergence,” he stated.
This massive global arena is a battle for narrative as well as outcomes, with no nation wishing to be held accountable if things fail.
