“Cop 27” .. “reach agreement” to offset the losses and damage of climate change
A European source confirmed today that agreement was reached during the COP27 climate conference in Sharm el-Sheikh on the issue of climate-related “losses and damages” inflicting on poor countries.
“An agreement has been reached” to set up a special fund for losses and damages, the source told AFP, which will channel funds to the countries most affected by climate change.
The United Nations climate agency yesterday released the latest draft agreement to address the issue of “losses and damage” caused by climate change.
The proposal said the summit would agree to the creation of a new fund to help countries meet the costs of climate damage.
The draft includes an agreement to “establish a fund to cover losses and damages”.
The call for developing countries to set up a climate damage fund has dominated the United Nations negotiations over the past two weeks.
Wael Abul Magd, the Egyptian Presidency’s special envoy at the United Nations Climate Change Conference, said there were very small issues that needed to be resolved before a final climate deal was reached at the conference.
“We’re doing our best,” he told Reuters when asked about the forthcoming deal. There are very small issues that need to be resolved.
European officials have insisted that any deal in the United Nations climate talks must include a pledge to maintain the 1.5 degree target set in the 2015 Paris Agreement.
“We want to reach an agreement on 1.5 degrees Celsius,” said Irish Environment Minister Eamon Ryan, who is also Europe’s chief negotiator for climate compensation. We need strong mitigation language and we will push for that.”
German climate ambassador Jennifer Morgan also called for maintaining the target of “1.5°C on the horizon” in order to keep losses and damage under control.
#Cop #reach #agreement #offset #losses #damage #climate #change