COP27 approves the creation of a special fund to cover

COP27 approves the creation of a special fund to cover damages in countries vulnerable to climate change

The United Nations Climate Change Conference ended this Sunday morning with the approval of a resolution that provides for the creation of a fund to finance climate damage already suffered by the countries most vulnerable to the effects of global warming.

The agreement, described as historic, was approved by nearly 200 states at the closing session of COP27, where the Sharm el Sheikh Implementation Plan was also endorsed and received with resounding applause from all the representatives.

As reflected in the text, the countries established a consensus regarding the “immediate need” to provide financial resources “new, additional, predictable and appropriate” to help developing countries that are vulnerable to the “economic and non-economic” impacts of climate change.

Photo: Reuters

In this sense, reference is made to the forced displacements and the effects on cultural heritage, mobility and life, as well as the livelihoods of the communities, which is why they underline the importance of giving an “effective and adequate” response to losses and damages.

The proposal, which still has many details to outline, supports the “mosaic solution” requested by the negotiating bloc of the European Union, among other countries, which advocated resort to new financial instruments to help pay for the damage after extreme events related to the climate crisis, in addition to creating a new fund within the framework of the UNFCCC.

The text, a political declaration without binding effects, includes the proposals agreed by the parties to contain global warming to below one and a half degrees of mean temperature by 2100 compared to pre-industrial levels in order to avoid the worst consequences of the climate crisis, as recommended by the scientific community and reflected in the Paris Agreement.

The proposals included in the mitigation section -reduction of greenhouse gas emissions- do not bring substantial changes since the Glasgow Pact, the agreement concluded by the last COP26 climate summit held in the Scottish city, as criticized by environmental organizations and also by the Spanish Minister for Ecological Transition, Teresa Ribera, in statements to the media.

The Sharm el Sheikh Implementation Plan urges countries to phase out coal-fired power generation -in plants that do not have carbon capture technologies- and to gradually abandon inefficient subsidies for fossil fuels, a request that was already reflected in the Glasgow text.

It also recognizes the implementation of the Santiago Network, a program of technical assistance to minimize loss and damage caused by the adverse effects of climate change, a system parallel to the fund that would direct aid towards climate repairs in the most affected countries.

For his part, the UN Secretary General, Antonio Guterrespointed out that the cut in greenhouse gas emissions continues being a pending task, since despite the fact that they must be reduced “drastically now” the United Nations climate summit held in Sharm el Sheikh did not address this problem.

“Let’s be clear. Our planet is still in the emergency room. We need to drastically reduce emissions now, and this is a problem that this COP did not address. A loss and damage fund is essential, but it is not an answer if the climate crisis wipes out a small island state or it turns an entire African country into a desert”, he warned in the closing session.

In this sense, he pointed out that the 1.5th is the “red line that we must not cross” and that to maintain this objective it is necessary to invest “massively” in renewable energies and end “our addiction to fossil fuels”. “The world still needs a big leap in climate ambition,” he defended.

(With information from Europe Press Y EFE)