`Compensation for Climatically Vulnerable Countries Agreed at COP27 - Olive Oil Times

Compensation for Climatically Vulnerable Countries Agreed at COP27

By Paolo DeAndreis
Nov. 22, 2022 20:17 UTC

The 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) con­cluded in Sharm El-Sheikh, Egypt, with an agree­ment to pro­vide loss and dam­age” fund­ing for vul­ner­a­ble coun­tries severely impacted by cli­mate dis­as­ters.

The agree­ment also reaf­firmed com­mit­ments to limit global tem­per­a­ture rises to 1.5 ºC above the pre-indus­trial aver­age, strengthen actions to reduce green­house gas emis­sions and adapt to the irre­versible impacts of cli­mate change.

We have deter­mined a way for­ward on a decades-long con­ver­sa­tion on fund­ing for loss and dam­age.- Simon Stiell, U.N. Climate Change exec­u­tive sec­re­tary

This out­come moves us for­ward,” said Simon Stiell, the U.N. Climate Change exec­u­tive sec­re­tary. We have deter­mined a way for­ward on a decades-long con­ver­sa­tion on fund­ing for loss and dam­age, delib­er­at­ing over how we address the impacts on com­mu­ni­ties whose lives and liveli­hoods have been ruined by the very worst impacts of cli­mate change.”

The loss and dam­age com­pen­sa­tion was the most con­tro­ver­sial issue at COP27, with dozens of low-income and cli­mat­i­cally vul­ner­a­ble coun­tries ask­ing the devel­oped coun­tries that pumped the major­ity of anthro­pogenic green­house gases into the envi­ron­ment to take finan­cial respon­si­bil­ity.

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COP27 acknowl­edged the dev­as­tat­ing eco­nomic and non-eco­nomic losses” of cli­mate change, such as forced dis­place­ment and impacts on cul­tural her­itage, human mobil­ity and the lives and liveli­hoods of local com­mu­ni­ties.”

However, the agree­ment also said that loss and dam­age pay­ments are not an admis­sion of lia­bil­ity, pre­vent­ing devel­oped nations from being held account­able for future cli­mate dis­as­ters.

From now until COP28, del­e­gates from dozens of coun­tries will work to define cru­cial aspects of the loss and dam­age agree­ment, such as which gov­ern­ments and insti­tu­tions will have to pay and which coun­tries and pro­grams will receive the funds.

Observers at the con­fer­ence pointed out how a decade after their promise to finance a $100 bil­lion (€97.7 bil­lion) cli­mate change sup­port fund for vul­ner­a­ble nations, many richer coun­tries have yet to make sig­nif­i­cant pay­ments.

Still, many del­e­gates from vul­ner­a­ble coun­tries expressed their sat­is­fac­tion with the new loss and dam­age agree­ment.

Several European coun­tries pledged $300 mil­lion (€293 mil­lion) in fund­ing to help more vul­ner­a­ble nations cope with the con­se­quences of extreme weather events, which cause bil­lions of dol­lars of dam­age each year.

The agree­ment also reit­er­ated that cli­mate change impacts need to be mit­i­gated as much as pos­si­ble. It stated that this would be more man­age­able should the tem­per­a­ture increase remain below 1.5 °C above pre-indus­trial lev­els.

The con­fer­ence fur­ther agreed that a 2 °C increase should be avoided and resolved to pur­sue fur­ther efforts to limit the tem­per­a­ture increase to 1.5 °C as stip­u­lated by the Paris Agreement.

The del­e­gates acknowl­edged that the global com­mu­nity must elim­i­nate 45 per­cent of green­house gas emis­sions by 2030 to reach this goal. However, atmos­pheric global emis­sions con­cen­tra­tions once again reached record highs in 2021.

Based on the cur­rent poli­cies, tem­per­a­tures are set to rise some­where between 2.1 ºC and 2.9 ºC by the end of the cen­tury.

As they did at COP26 in Glasgow, del­e­gates com­mit­ted to grad­u­ally phas­ing down coal power and remov­ing the sub­si­dies for inef­fi­cient fos­sil fuels.”

Opposition from the sig­nif­i­cant pres­ence of oil and gas-pro­duc­ing coun­tries in the Egyptian resort town meant there was no com­mit­ment to phase out the most pol­lut­ing fos­sil fuels from the global energy sys­tem, which many cli­mate activists had pushed to include.

See Also:Climate Change Continues to Threaten Global Health, Study Finds

Emissions peak­ing before 2025, as the sci­ence tells us is nec­es­sary. Not in this text,” said Alok Sharma, pres­i­dent of COP26. Clear fol­low-through on the phase down of coal. Not in this text.”

The agree­ment also empha­sized the need for urgent action to tran­si­tion to cleaner energy sources. It encour­aged wealth­ier coun­tries to pro­vide tar­geted sup­port to the poor­est and most vul­ner­a­ble, in line with national cir­cum­stances and to rec­og­nize the need for sup­port towards a just tran­si­tion.”

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Delegates agreed that a global tran­si­tion to cleaner energy would require between $4 to $6 tril­lion (€3.9 to €5.9 tril­lion) per year.

Delivering this fund­ing will require a swift and com­pre­hen­sive trans­for­ma­tion of the finan­cial sys­tem and its struc­tures and processes, engag­ing gov­ern­ments, cen­tral banks, com­mer­cial banks, insti­tu­tional investors and other finan­cial actors,” the U.N. said.

A sep­a­rate agree­ment reached by G20 nations meet­ing in Indonesia pledged $20 bil­lion (€19.5 bil­lion) over the next half-decade to accel­er­ate an equi­table green tran­si­tion.

The COP27 agree­ment also asked coun­tries to con­sider fur­ther actions to reduce 2030 non-car­bon diox­ide green­house gas emis­sions, includ­ing methane.”

Away from mit­i­ga­tion, the role of cli­mate adap­ta­tion was also a cen­tral theme dis­cussed at the con­fer­ence, with dif­fer­ent coun­tries agree­ing to con­tinue down dif­fer­ent paths. New pledges of up to $230 mil­lion (€225 mil­lion) came for an adap­ta­tion fund.

No defin­i­tive agree­ment was reached about financ­ing the fund, but del­e­gates agreed there should be at least $40 bil­lion (€39 bil­lion) per annum for the adap­ta­tion poli­cies by 2050.

These pledges will help many more vul­ner­a­ble com­mu­ni­ties adapt to cli­mate change through con­crete adap­ta­tion solu­tions,” the U.N. said.

According to the final agree­ment, the new fund­ing would con­sti­tute the back­bone of a global effort that must also include tech­nol­ogy trans­fer, renew­able energy capac­ity expan­sion and require all coun­tries to for­mu­late and imple­ment national adap­ta­tion plans.

Among the most rel­e­vant adap­ta­tion mea­sures, the United Nations announced a $3.1 bil­lion (€3 bil­lion) plan to develop early warn­ing sys­tems against extreme weather events, to which a sig­nif­i­cant por­tion of the global pop­u­la­tion has no access.

The impor­tance of con­serv­ing and restor­ing nat­ural ecosys­tems was also agreed upon at COP27, with spe­cific empha­sis on refor­esta­tion and pre­serv­ing marine envi­ron­ments to help cap­ture car­bon diox­ide from the atmos­phere. To this end, del­e­gates agreed to set a goal of halt­ing defor­esta­tion by 2030.

The next global con­fer­ence on cli­mate – COP28 – will take place in the United Arab Emirates in November 2023.



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