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COP27 delivers climate fund breakthrough progress on emissions

24th Nov 2022
COP27 delivers climate fund breakthrough progress on emissions

COP27 summit on Sunday with a hard-fought deal to create a fund to help poor countries being battered by climate disasters, even many lamented its lack of ambition in tackling the emissions causing them.

The deal was widely lauded as a triumph for responding to the devastating impact that global warming is already having on vulnerable countries. But many countries said they felt pressured to give up on tougher commitments for limiting global warming to 1.5 degrees Celsius in order for the landmark deal on the loss and damage fund to go through.

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Delegates – worn out after intense, overnight negotiations – made no objections as Egypt’s COP27 President Sameh Shoukry rattled through the final agenda items and gavelled the deal through.

Despite having no agreement for a stronger commitment to the 1.5 C goal set in the 2015 Paris Agreement, “we went with what the agreement was here because we want to stand with the most vulnerable,” COP27 Germany’s climate secretary Jennifer Morgan, visibly shaken, told Reuters.

When asked by Reuters whether the goal of stronger climate-fighting ambition compromised for the deal, Mexico’s chief climate negotiator Camila Zepeda summed up the mood among exhausted negotiators.

“Probably. You take a win when you can.”

LOSS AND DAMAGE

The deal for a loss and damage fund marked a diplomatic coup for small islands and other vulnerable nations in winning over the 27-nation European Union and the United States, which had long resisted the idea for fear that such a fund could open them to legal liability for historic emissions.

Those concerns assuaged with language in the agreement calling for the funds to come from a variety of existing sources, including financial institutions, rather than relying on rich nations to pay in.

The climate envoy from the Marshall Islands said she “worn out” but happy with the fund’s approval. “So many people all this week told us we wouldn’t get it,” Kathy Jetnil-Kijiner said. “So glad they were wrong.”

But it likely will several years before the fund exists. With the agreement setting out only a roadmap for resolving lingering questions including who would oversee the fund, how the money would dispersed – and to whom.

U.S. special climate envoy John Kerry, COP27 who was not at the weekend negotiations in person after testing positive for COVID-19, on Sunday welcomed the deal to “establish arrangements to respond to the devastating impact of climate change on vulnerable communities around the world.”

In a statement, he said he would continue to press major emitters like China to “significantly enhance their ambition” in keeping the 1.5 C goal alive.

FOSSIL FUEL FIZZLE

The price paid for a deal on the loss and damage fund was most evident. The language around emission reductions and reducing. The use of polluting fossil fuels – known in the parlance of U.N. climate negotiations as “mitigation.”

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