Extension of the “COP 27” conference until today to clarify the issue of climate damage financing
The Conference of the Parties on Climate Change has extended COP27 until Saturday as negotiations continue to break rich country funding for losses and damage to poor countries and reaffirm ambitious climate targets.
“I remain concerned about the number of unresolved issues, particularly financial issues and risk mitigation,” Sameh Shoukry, President of the Conference of the Parties on Climate in Sharm el-Sheikh, told delegates during a plenary session.
The Egyptian foreign minister then announced the postponement of the conference, which was held in the Red Sea resort of Sharm el-Sheikh, to today, after it was due to end on Friday.
He urged the parties to intensify their efforts and work together to resolve these remaining issues as soon as possible.
It seems that a way out is emerging for at least one of these files, and it is linked to the issue of loss and damage, the conference’s most sensitive issue.
For years, rich countries had balked at the idea of creating a special mechanism to finance these damages, but the European Union tabled a proposal to that effect late Thursday.
The European Union confirmed on Thursday evening during a plenary session that it is ready to set up a fund to respond to losses and damage.
On the eve of the end of the conference, UN Secretary-General António Guterres called for an ambitious agreement on the issue of losses and damage from climate change.
“It is clear that there is a lack of trust between countries of the South and North … and the most effective way to restore trust is to find an ambitious and reliable agreement on losses, damages and financial assistance to developing countries,” Guterres said after returning from the G-20 summit in Bali.
He added, “The time to talk about loss and damage funding is over and the time has come to act,” stressing that no one can deny the magnitude of the loss and damage we are suffering around the world experience while the world burns and drown before our eyes.
A draft decision on losses and damages was presented late Thursday, containing several options, one of which was very similar to the European offer.
Pakistani Climate Minister Sherry Rehman, speaking on behalf of the Group of 77 + China that her country chairs, said that this option is acceptable with some changes that we propose.
“The moment of truth has come,” said Rachel Cletus, chief economist at the US non-governmental organization Union of Concerned Scientists. The United States and China can resolve this file in the next 24 hours.
Yesterday morning the Egyptian Presidency of “COP27” published the draft of a final document. This new draft document reaffirms the determination to continue efforts to limit warming to 1.5°C, in a clear reference to the goals of the Paris Agreement.
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