At a time when a global climate agreement seems increasingly difficult to reach at the Climate Summit (COP27), which is taking place in Egypt, and already after it was indicated that there would be an agreement for a fund of 97,000 million euros , the president of the ZERO Association explains what is missing for the green light to the eleven pages of the final declaration.
From Sharm el-Sheikh, Francisco Ferreira points out that what is being discussed is “as an insurance” for countries “where it is difficult to have resources” to respond to climatic catastrophes such as “heat waves, floods or droughts”. These are events that affect populations and for which “immediate funding is needed” to respond.
Until now, “what is given as a potential agreement has not yet been confirmed because the European Union has not yet said that it accepts this proposal.”
For Francisco Ferreira, although it is “probable” that this will happen, both from the European side and from the United States, there is “a whole set of other aspects that are indeed crucial” and that have not yet been resolved.
Among them, the insistence of the EU on introducing “needs for mitigation and reduction of emissions” in the document. For the environmentalist, it is an initiative that is being “well” defended, because “we cannot go back on the last conference in Glasgow.”
The EU is pushing for formal language in the deal to allow expansion of the donor base in any new compensation programs for damages and losses, and the US has also repeatedly said that China should contribute to the funding of any compensation programs for damage.
The Chinese representative, Xie Zhenhua, said his country has provided support to other developing nations in the form of aid for early warning systems, projects to reduce carbon emissions and the development of renewable energy.
Xie added that talks with his US counterpart, John Kerry, will continue after the COP27 meeting: “We agreed that after this COP we will continue our formal consultations,” he confirmed.
The loss and damage mechanism, which divides countries, is a new financing system that goes beyond the 100,000 million dollars per year, between 2020 and 2025, established by the Paris Agreement for the mitigation and adaptation of countries developed to climate change.
Source: TSF
