Highlights

  • COP27: tentative deal on Loss and Damage fund agreed upon
  • Loss and Damage Funding on COP27 agenda for the first time ever
  • Create fund for compensating poor nations that are victims of extreme weather conditions

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COP 27: UN climate summit adopts 'loss and damage' fund

A deal on creating a disaster fund was agreed upon at COP27 to cover the losses suffered by vulnerable countries hit by extreme weather

Negotiators say they have struck a potential breakthrough deal on the thorniest issue of United Nations climate talks in Egypt: the creation of a fund for compensating poor nations that are victims of extreme weather worsened by rich countries' carbon pollution.
Several cabinet ministers from across the globe told The Associated Press that agreement was reached on a fund for what negotiators call loss and damage.
It's a big win for poorer nations which have long called for cash — sometimes viewed as reparations — because they are often the victims of climate disasters despite having contributed little to the pollution that heats up the globe.
But other parts of a deal, outlined in a package of proposals put out earlier in the day by the Egyptian chairs of the talks, are still being hammered out as negotiators head into what they hope is their final session.
There was strong concern among both developed and developing countries about proposals on cutting greenhouse gas emissions, known as mitigation. Officials said the language put forward by Egypt backtracked on some of the commitments made in Glasgow aimed at keeping alive the target of limiting global warming to 1.5 degrees Celsius (2.7 Fahrenheit) since pre-industrial times. The world has already warmed 1.1 degrees Celsius (2 degrees Fahrenheit) since the mid 19th century.
Some of the Egyptian language on mitigation seemingly reverted to the 2015 Paris agreement, which was before scientists knew how crucial the 1.5 degree threshold was and heavily mentioned a weaker 2-degree Celsius (3.6 degrees Fahrenheit) goal, which is why scientists and Europeans are afraid of backtracking, said climate scientist Maarten van Aalst of the Red Cross Red Crescent Climate Centre.

Also Watch| Explained: 'Loss and Damage funding' at COP27

The Chinese lead negotiator would not comment on a possible deal. The US negotiations office, where special envoy John Kerry is sick with COVID-19, also declined to comment.
China and the US are the two biggest carbon polluters. European negotiators said they were ready to back the deal but declined to say so publicly until the entire package was approved.
The Egyptian presidency, which had been under criticism by all sides, proposed a new loss and damage deal Saturday afternoon and within a couple hours an agreement was struck but Norway's climate and environment minister Espen Barth Eide said it was not so much the Egyptians but countries working together.
According to the latest draft, the fund would initially draw on contributions from developed countries and other private and public sources such as international financial institutions. While major emerging economies such as China would not initially be required to contribute, that option remains on the table and will be negotiated over the coming years. This is a key demand by the European Union and the United States, who argue that China and other large polluters currently classified as developing countries have the financial clout and responsibility to pay their way.
An overarching decision that sums up the outcomes of the climate talks doesn't include India's call to phase down oil and natural gas, in addition to last year's agreement to wean the world from “unabated” coal.

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