The United Nations Climate Change Conference approved this Sunday to create a special fund to cover damages in countries vulnerable to climate change.
The UN conference on climate change this Sunday adopted a resolution providing for the creation of a new one Fund intended to finance the climate damage already suffered by the countries most vulnerable to the effects of global warming. This is the biggest victory of a summit that has failed for many when it comes to redefining a plan to reduce fossil fuel use.
The Executive Vice-President of the European Commission (EC), Frans Timmermansis “disappointed” for failing to use “strong language” on the issue of mitigation (reducing polluting emissions) in the final text of the COP27 climate summit that ended this morning.
Sharm el Sheikh’s implementation plan, approved this Sunday, urges countries to do so phasing out coal-fired electricity generation (in plants that do not have carbon capture technologies) and phasing out inefficient fossil fuel subsidiesa request already reflected in the Glasgow text (COP26).
As shown in the text, the countries have agreed on the “immediate need” to contribute “new, additional, predictable and adequate” financial resources to help developing countries that are in a vulnerable position with regard to the “economic and non-economic” impacts of climate change.
Timmermans wanted to make it clear during the closing ceremony that this plan “is not a sufficient step forward for people and the planet”, and regretted that “a lot of speed” has been lost from Glasgow. “We have already wasted a lot of time and our people and our planet have no more time to lose.”
The 1.5°C problem
The main problem with this agreement was updating the Nationally Determined Contributions (NDCs) to meet the global warming limiting goal of the Paris Agreement.
In Paris (2015) it was established that the temperature rise was maximum between 2°C and 1.5°C but, after alarming scientific reports from the international community, there is talk of it limit it to a maximum of 1.5°C and that the targets to achieve this figure are reviewed annually.
Nice words, few agreements
This year, two factors have added to the usual difficulties that have exacerbated the situation; the resurgence of armed conflict between Russia and Ukraine and the energy and raw materials crisis made around it.
This general framework explains the limited climate ambition of the participants in this Conference of the Parties to the United Nations Convention on Climate Change (COP) compared to previous editions.
Young activists protest at COP27. Photo: EFE
Apart from the difficult negotiations about the claims settlement, the most striking agreements in this COP27 are: extensions of those proposed in previous editions.
The summit also contributed certain obligations of the participating countries and smaller alliances but that could have major consequences, such as the joint proposal by Colombia and Venezuela to create a fund against deforestation in the Amazon.
In the end, the general complaint about the results of the climate summits turns out to be the same: many good words, few good deeds.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
