Tired and hungry officials and delegates are fighting overtime to finish the UN climate summit COP27. However, there are hopeful signals about a possible breakthrough in the most critical issue in this year’s negotiations – the establishment of a fund for climate-related damages and losses. It would be a great victory for the vulnerable countries that have long fought for compensation. The money is sometimes seen as a kind of compensation , because poorer countries are hit hardest by the climate changes to which they contributed the least through their small emissions. In the latest draft of proposals presented by the Presidency in Sharm el-Sheikh, a fund is included. For the EU, it is important that the fund is directed to the “most vulnerable countries” rather than to “developing countries”, as the definition of a developing country has not changed since 1992. This means that countries such as Saudi Arabia which now have significant financial resources, in particular due to the oil, could take part of the money if it is directed at developing countries. “When it comes to damages and losses, the EU is willing to form a fund with a mosaic of financiers and which targets the most vulnerable countries,” said Sweden’s Climate Minister Romina Pourmokhtari ( L) earlier on Saturday. The United States has been the main obstacle to a new fund out of concern about demanding unlimited liability as the country that has pumped the most greenhouse gases into the atmosphere. The country’s representatives have also kept a low profile during the meeting in Sharm el-Sheikh. But that the Americans now appear willing to accept a fund puts an end to decades of resistance, according to The New York Times, which spoke to an administration official who said the U.S. is working to be able to stand behind an agreement. Both the US and the EU want China to contribute to the fund rather than get a share of the money. China is classified as a developing country according to the climate convention, despite the fact that it is now responsible for the largest emissions and is the world’s second largest economy in terms of GDP. But nothing is certain until everything is ready. The proposal must be approved by nearly 200 countries at the end of the meeting before it can become a reality. But when the clock passed 8:00 p.m. in Egypt (7:00 p.m. Swedish time), the negotiators are still locked in what they hope will be the last major session before the final debate can get under way. COP27. A positive result is close,” writes Pakistan’s climate minister Sherry Rehman on Twitter. “It is not perfect or optimal, but meets the basic requirements of developing countries,” she continues. A new proposal for a collective decision has also circulated among the negotiators during the day. The document sends an important political signal about how the world’s countries see the way forward in global climate work. In the latest proposal, there is no wording about “phasing out” of all fossil fuels, which has been a demand from, among others, the EU. Earlier on Saturday, the EU’s climate chief Frans Timmermans said that the EU is ready to leave the talks if the meeting does not also agree on increased ambitions for emission reductions. “Better no agreement than a bad agreement.” the last hours of the meeting.”We must leave COP27 with a package of results that keep the 1.5 degree target alive and protect the most vulnerable in the world,” says the Marshall Islands’ climate envoy Tina Stege at a press conference with the alliance.”The decision from this COP must put the world on a path towards phasing out all fossil fuels and rapidly switching to renewable energy sources.”The ambition for COP27 has has been that words should turn into action in climate work. And it’s in a hurry. If the global temperature increase is to be limited to 1.5 degrees, the emissions of greenhouse gases must be halved by 2030. But the curves continue upwards. Currently, the countries’ combined commitments in climate work point to a global temperature increase of around 2.4 degrees by the end of the century. It is far above the goals of the Paris Agreement – which is supposed to protect the world from the most devastating consequences of climate change. Floods, droughts and heat waves are already gossiping about what awaits an increasingly hot planet. “We have to raise our ambitions, this has to be a COP that leads to implementation,” UN Environment Director Inger Andersen told TT earlier this week.
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