After days of exhausting negotiations, a compromise was reached on the thorniest and most innovative point: a transition committee will have to define by the end of 2023 who are the donors, who are the beneficiaries of the agreement on the losses
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agreement found on the thorniest and most innovative point of the UN climate conference (Cop27): the creation of a facility or fund for losses and damagesor to offset the dramatic consequences of extreme events in the world’s most vulnerable countries. After days of exhausting negotiations, one was reached compromise formula that pleases both China and the G77the group that brings together 134 developing countries, both the western front led by the United States, the European Union and Great Britain.
Everyone was obliged to bring home a result on this issue which has been talked about for years, even if, given the distance between the two blocks, the details are deferred to a transition committee which, among other things, will have to define by the end of 2023 who are the donors, who are the beneficiaries. In the text there is only a hint of the large donor base, which according to the vice-president of the European Commission Frans Timmermans must also include China while Beijing, backed by the 77 (with some defections from the islands),
On the rest, negotiations continue. The final declaration that is emerging, except for the chapter on Losses and Damages, is not very ambitious and in fact follows the Glasgow Pact. Except where it underlines the importance of increasing the share of renewable energy in the energy mix. A few numbers are enough to show the extent of the challenge. need to invest about $4 trillion annually in renewable energy through 2030
in order to be able to achieve net zero emissions by 2050. These are the figures written in the draft disclosed yesterday by the Egyptian presidency of COP27, which seems very unbalanced on the positions of the global South. The text expresses serious concern that the goal of developed countries to jointly mobilize $100 billion annually by 2020 has not yet been achieved. Globally, the text recalls, climate finance is limited compared to the overall needs of developing countries, with flows estimated in 2019-2020 at $803 billion, 31-32% of the annual investment needed. Many observers, however, breathe a sigh of relief because at least it has been decided to continue efforts to limit the increase in temperature to 1.5°C, without going back on this key objective.
November 19, 2022 (change November 19, 2022 | 23:29)
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