Last updated on November 21st, 2022 at 08:36 am
The COP27 climate summit of the United Nations has given its blessing to the establishment of a dedicated fund that would compensate vulnerable countries for the effects of global warming on their economies. During the course of the two weeks of discussions, the participants have shifted their focus from the concerns that the entire process could fail to the optimism that a significant breakthrough can be achieved regarding a fund for “climate loss and damage.” Following several days of lengthy negotiations over the idea, the fund was finally approved early on the morning of November 20th, which was met with applause from the delegates.
Alpha Kaloga, who is the Senior Coordinator of the African Group on Loss and Damage, stated that it was an important step to take. “Today is a symbolic day.” “It is a symbolic day in terms of the impact that this decision will have on the future.” For the past three decades, developing nations have been battling for the establishment of a fund as well as recognition of the losses and damages brought on by climate change. “When I left [the hotel] at 2 in the morning today, I didn’t think we were going to get this deal.” I thought we were going to have to wait until tomorrow. And everybody grasped the meaning of what was being said. We have come to an agreement that meets the needs of all the countries involved.
An informal coalition of countries with “high ambition” has urged for strong language to be used about the reduction of emissions, the transition away from planet-warming fossil fuels, and the reaffirmation of the 1.5C objective. On Saturday, representatives from the European Union went so far as to threaten to withdraw their support in the event that a “poor” decision was made. Still to be decided are a number of options and a final statement from COP27, which should include a call for a “rapid” reduction of emissions in order to reach the hard goal of keeping global warming to 1.5 degrees Celsius above pre-industrial levels.
A representative from the Climate Action Network named Tasneem Essop made the following statement: “It is a major success to get an agreement to establish a loss and damage fund after 30 years of tiny island states, vulnerable countries, and developing countries attempting to get this on the table.” Because we all worked together, we were able to come to an agreement on this issue at COP27. This shows that our efforts were successful.
At first, the agreement regarding loss and damage had a hard time making it onto the agenda for the negotiations. The question of whether or not the summit will come to a consensus on a final declaration has now been brought to everyone’s attention. As a result of current commitments and plans, the world is currently on track to experience warming of approximately 2.5 degrees Celsius. According to the findings of scientists, limiting global warming to 1.5 degrees Celsius is a much safer guardrail against catastrophic climate impacts.