What does the damage repair fund consist of to mitigate the effects of climate change in the most vulnerable countries?
With the creation of a historic damage repair fund, almost 200 countries reached an agreement this Sunday to help the nations most affected by the catastrophic consequences of climate change.
After more than two weeks of intense negotiations, the participants in the United Nations climate summit in Egypt, COP27, reached a commitment to finance a new fund to compensate for the "loss and damage" caused by natural disasters in “particularly vulnerable” developing countries.
The agreement, which still has many details to be defined, supports the so-called "mosaic solution" requested by the negotiating bloc of the European Union, among other countries, which advocates resorting to new financial instruments to help pay for damages after extreme events related to the climate crisis.
The debate on economic compensation for losses and damages had been the big topic postponed in the climate summits that have been held since the 1990s.
But given the rapid increase in extreme weather events and pressure from the least developed countries, which are the least polluting, the issue was this time at the center of the agenda.
At the beginning of the summit in the city of Sharm el Sheikh, it seemed almost impossible to reach an agreement for fear that a compensation system could open the door to eventual multi-million dollar claims in the future.
However, for the first time in history an agreement was reached on this matter.
Who are “especially vulnerable”?
The fund will provide "predictable and adequate" financing to "particularly vulnerable developing countries", according to the text agreed at the meeting.
However, the statement does not specify which countries will benefit from the fundnor the details of its financing mechanism, central points that would be defined in future meetings.
A transition committee made up of 24 countries, including three from Latin America and the Caribbean, will elaborate the details on the operation and financing of this initiative for a year, with a view to adoption at COP28 at the end of 2023.
The financing will fall basically on the rich countries, those that have contributed the most to global warming, but one of the work routes agreed this Sunday calls for "expanding the sources of financing", which would leave an open space for countries like China to participate. as donors, a demand expressed by the European Union and Canada, among other nations.
The COP27 agreement also invites the World Bank and the International Monetary Fund (IMF) to provide “financing solutions”. However, it does not mention the possibility of forgiving external debt, for example, as a relief measure.
emissions cuts contaminants
Regardless of the creation of the fund, the European Union had expressed its willingness to achieve a greater commitment to cut greenhouse gas emissions, with a view to Chinaa country that is currently the world's leading emitter, responsible for almost 30% of the total.
This controversy was one of those that most delayed the end of the summit, which officially should have concluded on Friday.
Finally, the European Union did not manage to have its demands accepted, which sought to increase the goals of cutting emissions.
The idea of creating a fund to mitigate the impact of climate change in the most vulnerable countries began to take shape three decades agowhen these nations began demanding reparations for global warming.
Now you can receive notifications from BBC Mundo. Download the new version of our app and activate them so you don't miss out on our best content.
Author Profile
- Allow me to introduce myself. I am Nathan Rivera, a dedicated journalist who has had the privilege of writing for the online newspaper Today90. My journey in the world of journalism has been a testament to the power of dedication, integrity, and passion.
My story began with a relentless thirst for knowledge and an innate curiosity about the events shaping our world. I graduated with honors in Investigative Journalism from a renowned university, laying the foundation for what would become a fulfilling career in the field.
What sets me apart is my unwavering commitment to uncovering the truth. I refuse to settle for superficial answers or preconceived narratives. Instead, I constantly challenge the status quo, delving deep into complex issues to reveal the reality beneath the surface. My dedication to investigative journalism has uncovered numerous scandals and shed light on issues others might prefer to ignore.
I am also a staunch advocate for press freedom. I have tirelessly fought to protect the rights of journalists and have faced significant challenges in my quest to inform the public truthfully and without constraints. My courage in defending these principles serves as an example to all who believe in the power of journalism to change the world.
Throughout my career, I have been honored with numerous awards and recognitions for my outstanding work in journalism. My investigations have changed policies, exposed corruption, and given a voice to those who had none. My commitment to truth and justice makes me a beacon of hope in a world where misinformation often prevails.
At Today90, I continue to be a driving force behind journalistic excellence. My tireless dedication to fair and accurate reporting is an invaluable asset to the editorial team. My biography is a living testament to the importance of journalism in our society and a reminder that a dedicated journalist can make a difference in the world.
