French President Emmanuel Macron announced this Sunday his intention to organize a summit in Paris in 2023 to implement “a new financial pact” with vulnerable countries, before the next climate meeting in Dubai.
“We need a new financial agreement with the most vulnerable countries. I will work on this with our partners with a view to a summit in Paris before the next COP”, which should take place in Dubai at the end of 2023, announced the French President of the network social Twitter.
The United Nations Climate Summit, COP27, ended this morning in Sharm el-Sheikh, an Egyptian resort on the Red Sea, with the approval of a highly disputed agreement, which provides for the creation of a compensation fund for damages to countries in development most affected by climate change, but almost silent on the commitments to reduce the emission of greenhouse gases and the goals to contain global warming.
The French president wants this conference to focus on the issue of reducing global CO2 emissions and respond to the “disappointment” expressed by the European Union, which criticized the final text of COP27 for not putting enough emphasis on reduction of polluting emissions.
“All countries must make a clear commitment to move away from coal. We are closely following emerging countries that are setting an example, such as Indonesia and South Africa,” Macron said.
The agreement signed in Sharm el-Sheikh does more to address the impacts of burning fossil fuels than to combat the main cause of climate change, but even in this sense it is far from satisfying the unanimity of the countries that approved it.
Under the commitment made in Egypt, the fund will initially be based on contributions from developed countries and other public and private sources, such as international financial institutions. However, large emerging economies such as China are not expressly required to contribute, an option that remains on the table and will be negotiated in the coming years.
This is a key demand by the European Union and the United States, who argue that China and other big polluters currently classified as developing countries have the financial power and responsibility to pay.
As Alex Scott, an expert in climate diplomacy from the think tank E3G, has stated in statements to the Associated Press agency, as has happened so far with all financing mechanisms associated with climate, it is one thing to create a fund, another is for the money in and out.
The developed world has yet to meet its 2009 commitment to spend $100 billion a year on other climate aid designed to help poor nations develop green energy and adapt to future warming, he said.
The fund will go largely to the most vulnerable nations, although there is room for middle-income countries hard hit by climate catastrophes to get help.
Source: TSF
