COP27 breakthrough on climate fund; rich nations agree to compensate for climate catastrophes

Egypt, the host country for COP27, desperately tried to save the UN climate talks on Saturday, as the European Union (EU) hinted at a resolution to the sensitive subject of “loss and damage” financing for countries that are susceptible to climate change. In order to further the battle against climate change as the world faces an increasing number of weather extremes, over 200 nations’ delegates assembled in Egypt in the last two weeks at COP27.

However, disagreements emerged about raising the bar for fighting global warming as well as the conditions under which affluent polluters must pay “loss and damage” compensation to nations devastated by climate catastrophes.

After a paper presented by Egypt was squarely rejected by the EU, a source within the organisation said that at least the loss and damage problem had been “accepted” as far as the EU was concerned.

The Egyptian president on Saturday issued a draft paper on the establishment of a dedicated loss and damage fund. It borrows its terminology from three prior suggestions made by the EU, Britain, the G77, and the bloc of 134 developing countries led by China. However, it also seems to push some of the trickier issues, notably those pertaining to finance sources, until the next year.

The EU wants COP27 to adopt robust wording on reducing emissions and to reiterate the lofty objective of keeping global warming to 1.5 degrees Celsius over pre-industrial levels.

The world is presently off track and is projected to warm by about 2.5C under existing promises and plans, according to scientists, making this a significantly safer safeguard against catastrophic climate consequences.

In addition, the Egyptian COP27 chair unveiled a fresh version of the final declaration, which calls for stepping up “efforts towards the phasedown of unabated coal power and phase-out of wasteful fossil fuel subsidies.”

(With inputs from agencies)

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