At a time when a global climate agreement seems increasingly difficult to reach at the Climate Summit (COP27), taking place in Egypt, and already after it was indicated that there would have been an agreement for a fund of 97 billion euros , the president of the ZERO Association explains what is missing for the green light to the eleven pages of the final declaration.
From Sharm el-Sheikh, Francisco Ferreira notes that what is being discussed is “like insurance” for countries “where it is difficult to have resources” to respond to climate catastrophes such as “heat waves, floods or droughts”. These are events that affect populations and for which “immediate funding is needed” to respond.
Until now, “what is given as a potential agreement has not yet been confirmed because the European Union has not yet said that it accepts this proposal”.
For Francisco Ferreira, although it is “probable” that this will happen, both from the European side and from the United States, there are “a whole set of other aspects that are effectively crucial” and that have not yet been resolved.
Among them, the EU’s insistence on introducing “necessities for mitigation and reduction of emissions” in the document. For the environmentalist, this is an initiative that is being “well” defended, because “we cannot retreat from the past conference in Glasgow”.
The EU is pushing for formal language in the agreement to allow for the expansion of the donor base in any new loss and damage compensation program and the United States has also repeatedly said that China should contribute to the funding of any damage compensation program.
The Chinese representative, Xie Zhenhua argued that his country has provided support to other developing nations in the form of aid to early warning systems, projects to reduce carbon emissions and the development of renewable energies.
Xie added that discussions with his US counterpart, John Kerry, will continue after the COP27 meeting: “We agreed that after this COP we will continue our formal consultations”, he confirmed.
The loss and damage mechanism, which divides countries, is a new financing system that goes beyond the 100 billion dollars per year, between 2020 and 2025, established by the Paris Agreement for the mitigation and adaptation of developed countries to changes weather.