French President Emmanuel Macron announced this Sunday his intention to organize a summit in Paris in 2023 to implement “a new financial pact” with vulnerable countries, prior to the next climate meeting in Dubai.
“We need a new financial agreement with the most vulnerable countries. I will work on this with our partners with a view to a summit in Paris before the next COP”, which should take place in Dubai at the end of 2023, announced the French President at the Twitter social network.
The United Nations Climate Summit, COP27, ended this morning in Sharm el-Sheikh, the Egyptian seaside resort on the Red Sea, with the approval of a highly contested agreement, which provides for the creation of a compensation fund for damages to the developing countries most affected by climate change, but almost silent on the commitments to reduce the emission of greenhouse gases and the goals to contain global warming.
The French President wants this conference to focus on the issue of reducing global CO2 emissions and respond to the “disappointment” expressed by the European Union, which criticized the final text of COP27 for not placing enough emphasis on reducing polluting emissions.
“All countries must make a clear commitment to move away from coal. We are closely following emerging countries that are setting an example, such as Indonesia and South Africa,” Macron said.
The agreement signed in Sharm el-Sheikh does more to address the impacts of burning fossil fuels than to combat the main cause of climate change, but even in this regard, it is far from satisfying the unanimity of the countries that approved it.
Under the commitment made in Egypt, the fund will initially draw on contributions from developed countries and other private and public sources, such as international financial institutions. However, major emerging economies such as China are not expressly obliged to contribute, an option that remains on the table and will be negotiated in the coming years.
This is a fundamental demand of the European Union and the United States, which argue that China and other big polluters currently classified as developing countries have the financial power and responsibility to pay.
As Alex Scott, an expert in climate diplomacy from the think tank E3G, stated in statements to the Associated Press agency, as has happened so far with all financing mechanisms associated with the climate, it is one thing to create a fund, it is another to make the money come in and go out.
The developed world has yet to meet its 2009 pledge to spend $100 billion a year on other climate aid – designed to help poor nations develop green energy and adapt to future warming, he said.
The fund will largely go to the most vulnerable nations, although there is room for middle-income countries severely hit by climate catastrophes to get help.