COP27 plays extra time to secure an agreement on the cost of change
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One more day. The twenty-seventh Conference of Parties on climate change COP27 in Egypt “will continue on Saturday” 19 November, to enable an agreement to be reached “on divisive issues, including how to compensate poorer countries for the damage caused by climate change and how fast the world must reduce greenhouse gas emissions”, Explain Bloomberg.

This day felt like a race against time “to get out of the impasse”, explains the American economic media. On Thursday evening, the European Union accepted the idea of ​​a “loss and damage response fund, the term used to refer to the cost of the impact of climate change, in return for greater ambition in greenhouse gas reduction”.

However, this Friday morning, the draft agreement tabled by Egypt did not offer “no firm offer” on compensation and “stayed back” on the reduction of CO emissions2. Time had to be given time. Earlier this afternoon, COP27 President and Egyptian Foreign Minister Sameh Shukri confirmed the extension, encouraging delegates to find “the greatest common denominator” so that a new draft text on Friday evening can be adopted on Saturday.

Europe’s turnaround

The Guardian sees in “intervention spectacular” made by the European Union “breach” possible in the stalemate of the negotiations. European Commission Vice-President Frans Timmermans has announced that the EU has agreed to the creation of a loss and damage response fund. Until there, “rich countries were opposed to this essential demand” emanating from the coalition of the Group of 77 (developing countries in the United Nations).

Loss and damage cover “the devastation wrought by extreme weather on the physical and social infrastructure of poor countries, as well as the funds needed to rescue and rebuild after climate-related disasters”, recalls the British daily. The latest is the emergency plan decided in August at the United Nations for Pakistan under water.

“Since [les pays du G77] are so attached to this fund, we accepted”explained Frans Timmermans, adding that Europe would put “specific conditions”.

Developing countries were considering the proposal on Friday. According to one of the G77 negotiators, who declines to be named, “this is a predictable attempt by the EU to split the G77”. Australia, which welcomes the proposal, says “very sensitive to this new fund which benefits from a broad base of contributors and focuses on the most vulnerable”.

Rich countries and the biggest emitters of CO2

At midday, add Bloomberg, German Foreign Minister Annalena Baerbock, “in a thinly veiled reference to China”said “that it was not only up to the developed countries to contribute” to this new mechanism, “but that the biggest transmitters had to do it”.

As explained in Guardian Preety Bhandari of the World Resources Institute, an American think tank dedicated to environmental issues:

“It all comes down to political will. It’s time for concessions and compromises. Hopefully common ground will be found.”

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