Historic Compensation Deal For Vulnerable Nations For Global Warming

Historic compensation agreement for countries vulnerable to global warming

Delegates applauded after the fund was approved


The United Nations COP27 climate summit on Sunday approved the creation of a special fund to cover the damage suffered by vulnerable countries from the effects of global warming. bridge.

The two-week talks have been jumbled amid concerns that the process could fall apart, with hopes of a major breakthrough for the climate “loss and damage” fund.

Delegates applauded after the fund was passed at midnight after days of lengthy negotiations on the proposal.

Collins Nzovu, Zambia’s minister of green economy and environment, said he was “very excited. Very, very excited.”

“This is a very positive outcome from the 1.3 billion people of Africa,” he told AFP.

“It’s very exciting because for us success in Egypt will be based on what we get from loss and damage.”

However, the plenary assembly still had to adopt a series of final COP27 decisions and statements covering a host of other contentious issues, including calls for “rapid” emissions reductions to meet The ambitious goal is to limit global warming to 1.5 degrees Celsius above pre-industrial levels.

The session was adjourned because Switzerland requested more time to review the text.

An informal coalition of “highly ambitious” countries called for drastic cuts in emissions, move away from planet-warming fossil fuels and reaffirmed the 1.5C target.

The European Union even threatened on Saturday that it would quit instead of making a “bad” decision.

An adviser to Papua New Guinea, Kevin Conrad, said late Saturday that “the usual suspects” were trying to remove all fossil fuel references. In the past, Saudi Arabia in particular has sought to block such language.

The latest draft calls for “accelerating efforts towards the gradual reduction of undiluted coal power and the phasing out of inefficient fossil fuel subsidies”.

– The ‘historic’ deal –

In contrast, the loss and damage agreement – which was barely included in the negotiating agenda – gained important momentum in the negotiations.

Developing nations have relentlessly pushed for the fund during the summit, eventually succeeding in gaining the support of wealthy polluters who have long feared open liability.

With a warming of around 1.2 degrees Celsius so far, the world has seen a series of climate extremes in recent months, highlighting the plight of developing countries. development faces escalating catastrophes, as well as energy and food price crises and mounting debt. .

The World Bank estimates that the devastating floods in Pakistan this year have caused $30 billion in damage and economic losses.

Pakistan’s Climate Minister Sherry Rehman said before the fund was approved that its creation would be “a historic reminder to vulnerable people around the world that they have a voice and if they join end… we can actually start to break down the barriers we used to think.” is impossible”.

The fund will target developing countries “especially vulnerable to the adverse effects of climate change” – language has been requested by the EU.

The EU’s request for wording is aimed at ensuring that wealthier developing countries like China, which has grown into the world’s second-largest economy, are not beneficiaries of the fund.

Europeans also want a broad funding base to raise cash—code for China and other well-off emerging countries.

The final decision text leaves more conundrums to be addressed by a transition committee, which will report to next year’s climate meeting in Dubai to run the funding.

– ‘Keep 1.5C alive’ –

Now attention turns to whether the summit will agree on the final statement.

Limiting warming to 1.5 degrees Celsius is a much safer safeguard against the catastrophic effects of the climate, scientists say, with the world now far away from the target and heading towards about 2.5 degrees Celsius according to current commitments and plans.

Earlier, Colombia’s Environment Minister Susana Muhamad said that making climate negotiations “viable” would require both a loss and damage fund as well as a commitment to 1.5C.

European Commission Vice President Frans Timmermans warned that if not enough was done to cut emissions and maintain 1.5 degrees Celsius, “no amount of money on the planet can solve these disasters”. disaster will occur due to natural disaster, etc. we have seen”.

(This story has not been edited by NDTV staff and was automatically generated from an aggregated feed.)

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