The United Nations climate summit adopts a historic agreement to compensate poor countries
Negotiators attending the COP27 climate summit in Sharm el-Sheikh, Egypt, passed a historic deal that would create a fund to compensate poor countries that fall victim to severe weather worsened by carbon pollution in rich countries, but a more comprehensive agreement has yet to be reached due to disagreements over efforts to reduce emissions.
According to the agreement, published early yesterday morning, the fund will initially rely on contributions from developed countries and other private and public sources such as international financial institutions, while large emerging countries such as China will not have to contribute initially. This option remains, it is on the table and should be negotiated in the coming years.
This is a key demand from the European Union and the United States, who argue that China and other big polluters currently classified as developing countries have the financial capacity and responsibility to pay the price.
The fund is primarily aimed at the most vulnerable countries, although there will be scope for middle-income countries hard hit by climate-related disasters to receive assistance.
After tense negotiations overnight, the Egyptian conference presidency released the final text of the deal while demanding approval for a plenary session Storms and Floods But negotiations have postponed many of the fund’s most controversial decisions until next year, including who will bear the costs.
The negotiators raised no objection while Sameh Shoukry, President of the 27th session of the Conference of the Parties, reviewed the terms of the final agreement. And yesterday at dawn the agreement was approved.
Shoukry said the conference reached a crucial point in the collective effort to tackle climate change, adding: “You all have made tremendous efforts to bring us to this point of compromise and consensus. My team and I have done everything in our power to ensure the integrity of this process and to make our approach fair, balanced and transparent.”
The creation of the fund is a huge win for poor countries, which have long been demanding compensation because they are often victims of climate-related disasters, despite not having contributed much to the pollution that is raising the planet’s temperature.
United Nations Secretary-General Antonio Guterres praised the establishment of the fund and said in a statement that delegates to the global climate conference, known as COP27, had taken an “important step towards justice”.
He added: “I welcome the decision to set up the Losses and Compensation Fund and activate it in the period ahead and it is clear that this will not be enough, but it is a much-needed political indicator to restore the collapsed confidence.” build up. “
Countries hit by floods, famine, storms and drought celebrated the agreement, as did small nations threatened existentially by rising sea levels.
“It wasn’t easy at all,” said Grenada-born UN climate chief Simon Steele. We worked around the clock. But this result drives us.
He added that for the first time, “the impact on communities whose lives and livelihoods have been devastated by the worst impacts of climate change” will be addressed.
However, EU climate chief Frans Timmermans criticized the outcome of the meeting, saying it was “not a sufficient step forward for people and the planet and has failed to address the growing gap between climate science and our climate policy”.
Noting that the 27-country bloc backed the deal to ensure the establishment of a fund to compensate for losses and damages, he expressed disappointment at the lack of agreement on tougher language to reduce emissions, continuing: “I I challenge you as you leave this room to admit that we have all failed.” By taking steps to prevent and minimize loss and damage. We should have done a lot more.”
The two-week summit was a test of the world’s resolve to tackle climate change, even as the ongoing war in Ukraine, turbulence in the energy market and rising inflation drew international attention to the country, which is mainly caused by industrialized wealthy countries became.
The Secretary-General of the United Nations praised the establishment of the fund as “an important step towards justice”.
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