It almost failed.. The Climate Summit approves emission reduction and damages fund

After long and difficult negotiations exceeded the deadline for expiration Climate Conference of the Parties (COP27), During a closing plenary session, today, Sunday, in Sharm el-Sheikh on the Red Sea, delegates approved a final text urging a “rapid” reduction in emissions, as well as the establishment of a fund to compensate for “losses and damages” incurred by developing countries as a result of climate change.

The President of the Conference, Foreign Minister of Egypt, Sameh Shoukry, urged delegates from about 200 countries who had gathered two weeks ago in the resort of Sharm el-Sheikh to adopt the decisions that will be presented to them, stressing that they reflect “delicate balances” and “the highest ambition that can be achieved at the present time,” in reference to the difficulties that are being faced. conference faced.

While the audience applauded when this fund was approved, which was demanded by developing countries for many years, and rich countries had reservations about it until now.

OKEd file “Loss and Damage This” conference fails In its entirety, before a last-minute settlement takes place, many issues remain unresolved, but it approves the principle of establishing a specific financial fund for this purpose.

Sharp declines and debates

In addition, the conference adopted a final declaration urging a “rapid” reduction in greenhouse gas emissions and reaffirming the goal of limiting warming to 1.5°C.

The text related to reducing emissions was the subject of fierce debates, as many countries denounced what they considered a setback in the goals set during previous conferences, especially keeping the target of limiting warming to 1.5 degrees Celsius compared to the pre-industrial revolution “alive”.

Especially since the current commitments of the various countries do not allow at all to achieve the goal of limiting warming to 1.5 degrees Celsius. The United Nations reports that it allows a best case scenario for warming to be limited to 2.4 degrees Celsius at the end of this century.

But with about 1.2 degrees Celsius warming so far, the catastrophic repercussions of climate change have multiplied.

Droughts, floods and fires

In the year 2022, droughts, heat waves, huge fires, and devastating floods continued, causing great damage to crops and infrastructure.

The cost of these extreme weather events has risen steadily. The World Bank estimated at 30 billion dollars the cost of the floods that flooded a third of Pakistan’s territory over a period of weeks, with millions of people affected.

While the poor countries most vulnerable to the repercussions, although their responsibility is generally very limited in warming, have been calling for years to fund the “losses and damages” they incur.

The battle is not over

It is noteworthy that the “environmental and climatic” battle will not end with the approval of the “damage fund” in Sharm el-Sheikh, as the decision did not deliberately specify some controversial points.

The operational details of this fund will be determined later, with the aim of approving them at the next Conference of the Parties at the end of 2023 in the United Arab Emirates, with the expectation of a new confrontation, especially at the level of the contributing countries, as the developed countries insist that China be among them!

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