Developed countries signal that they agree with the proposal, which had been requested for decades by the nations most vulnerable to climate change. The final text, however, is still under negotiation. Government representatives meeting at COP27 in Egypt advanced this Saturday (11/19) in discussions for the creation of a compensation fund for damages related to climate change in particularly vulnerable countries, a demand from the poorest nations who have been pushing for the creation of such a mechanism for decades.
The information was disclosed by the American newspaper The Wall Street Journal and then became part of the draft of the final document of the conference. According to the publication, the fund must allocate resources to compensate for “losses and damages,” such as damage from rising sea levels, stronger storms and other effects scientists associate with climate change.
Small island states and populous nations like Bangladesh have been demanding money in compensation for damages for decades. Rich countries, responsible for most of the greenhouse gas emissions that have caused global warming, have resisted.
Also according to the newspaper, negotiators representing developed and developing countries agreed to create the fund in the last hours of the COP27 climate summit held in Egypt, which began on 6 November.
However, officials meeting at the conference warned that the plan on the claims fund is part of a broader deal that is still under negotiation. The text must be approved unanimously by the participating countries.
Wealthy nations still want stronger pledges from developing countries to cut emissions over the next decade, under the Paris Agreement’s climate goals.
The negotiations accelerated after the Europeans agreed to contemplate the creation of the fund, essentially in exchange for two conditions. The first is to “enlarge the donor base”, i.e. integrate countries that have become major emitters of greenhouse gases, such as China. And the second condition is to obtain a strong and explicit commitment on mitigation, in order to maintain the target of the +1.5°C limit.
Hours earlier, officials from the 27 European Union countries had said they were ready to abandon negotiations if the agreement did not advance steps to curb global warming.
“We would rather leave without a decision than with the wrong one,” said Frans Timmermans, EU climate policy director.
He expressed concern that some countries were resisting efforts to make bolder cuts in polluting emissions. Timmermans did not name the countries.
The outcome of the two-week conference, which was due to end on Friday, is seen as evidence of global resolve to tackle climate change, even as war in Europe and inflation divert world attention.
With countries still divided on a number of important issues on Saturday morning, Egypt’s COP27 chairman Sameh Shoukry urged delegates to “rise of the situation” and band together for a final deal.
Sherry Rehman, Pakistan’s climate change minister and current chair of the powerful G77+China negotiating group, which includes more than 130 countries, said on Saturday she was “optimistic about a positive resolution.”
jps (Reuters, AFP, ots)
🇧🇷The best content in your email for free. Choose your favorite Terra newsletter. Click here!
Source: Terra
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
