{"id":6453,"date":"2022-11-07T13:31:58","date_gmt":"2022-11-07T13:31:58","guid":{"rendered":"https:\/\/euromenaenergy.com\/?p=6453"},"modified":"2022-11-07T13:31:58","modified_gmt":"2022-11-07T13:31:58","slug":"cop27-financing-for-climate-damages-gets-a-foot-in-the-door","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=6453","title":{"rendered":"COP27: Financing for climate ?damages gets a foot in the door"},"content":{"rendered":"
\n

AFP\/Sharm El-Sheikh<\/p>\n<\/div>\n

UN climate negotiations yesterday offered a sliver of hope and \u201csolidarity\u201d for developing countries battered by increasingly costly impacts of global warming, in agreeing to discuss the thorny issue of money for \u201closs and damage\u201d.
\nCountries least responsible for planet-heating emissions \u2014 but hardest hit by an onslaught of weather extremes \u2014 have been ramping up the pressure on wealthy polluting nations to provide financial help for accelerating damages.
\nBut in a sign of how contentious the issue is among richer nations fearful of open-ended climate liability, the issue was only added to the formal agenda to the UN\u2019s COP27 climate summit in the Egyptian resort town of Sharm el-Sheikh after two days of last-ditch negotiations.
\nThis \u201creflects a sense of solidarity and empathy for the suffering of the victims of climate induced disasters,\u201d Egypt\u2019s Sameh Shoukry, the COP27 president, said to applause.
\nAt last year\u2019s UN summit in Glasgow, the European Union and the United States rejected calls for a separate financial mechanism.
\nInstead, negotiators agreed to start a \u201cdialogue\u201d extending through 2024 on financial compensation.
\nThe issue has grown ever more urgent in recent months as nations were slammed by a crescendo of disasters, such as the massive flooding that put a third of Pakistan under water in August.
\nSenegal\u2019s Madeleine Diouf Sarr, who represents the Least Developed Countries negotiating bloc, said climate action across the board had been far too slow.
\n\u201cLives are being lost. Climate change is causing irreversible loss and damage, and our people carry the greatest cost,\u201d she said, adding that an agreement on funding arrangements must be reached in Egypt.
\nAppeals for more money are bolstered by a field known as event attribution science, which now makes it possible to measure how much global warming increases the likelihood or intensity of an individual cyclone, heat wave, drought or heavy rain event.
\n\u201cToday, countries cleared an historic first hurdle toward acknowledging and answering the call for financing to address increasingly severe losses and damages,\u201d said Ani Dasgupta, head of the World Resources Institute, a climate policy think tank.
\nBut he said that getting negotiators to agree to discuss the issue was only an initial step.
\n\u201cWe still have a marathon ahead of us before countries iron out a formal decision on this central issue for CO27,\u201d he said.
\nWrangling over loss and damage has unfolded against the backdrop of an unmet promise by rich nations to provide $100bn a year starting in 2020 to help the developing world green their economies and anticipate future impacts, called \u201cadaptation\u201d in UN climate lingo.
\nThat funding goal is still $17bn short. Rich nations have vowed to hit the target by the end of 2023, but observers say the issue has severely undermined trust.
\nThe UN Environment Programme has said the goal \u2013 first set in 2009\u00a0 \u2013 has not kept up with reality, and estimates that funding to build resilience to future climate threats should be up to 10 times higher.
\nMeanwhile, countries are far off track to reach the Paris deal goal of limiting global warming to 1.5 degrees Celsius.
\nThe UN says the world is currently heading to 2.8C of warming, or a still-catastrophic 2.4C even if all national pledges under the Paris treaty are fulfilled.
\nDepending on how deeply the world slashes carbon pollution, loss and damage from climate change could cost developing countries $290-580bn a year by 2030, reaching $1-1.8tn in 2050, according to the Grantham Research Institute on Climate Change and the Environment in London.
\nThe World Bank has estimated the Pakistan floods alone caused $30bn in damages and economic loss. Millions of people were displaced and two million homes destroyed.
\nSimon Stiell, the UN\u2019s climate change executive secretary, said vulnerable countries are \u201ctired\u201d and \u201cfrustrated\u201d.
\n\u201cHere in Sharm el-Sheikh we have a duty to speed up our international efforts and turn words into action to catch up with their lived experience,\u201d he said.
\nUp to now, poor countries have had scant leverage in the UN wrangle over money. But as climate damages multiply, patience is wearing thin.
\nThe AOSIS negotiating block of small island nations told AFP that they would like to see the details for a dedicated loss-and-damage fund worked out within a year.
\n\u201cThere\u2019s not enough support for us to even to begin to prepare for the loss and damage that we are expected to face,\u201d said AOSIS lead negotiator on climate finance Michai Robertson.<\/p>\n","protected":false},"excerpt":{"rendered":"

AFP\/Sharm El-Sheikh UN climate negotiations yesterday offered a sliver of hope and \u201csolidarity\u201d for developing countries battered by increasingly costly impacts of global warming, in agreeing to discuss the thorny issue of…<\/p>\n","protected":false},"author":1,"featured_media":6454,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,9,10,11],"tags":[40,46,48,50,57,68,76,77,78,79,80,82,86,87,88,90,95,96,98,99,103,107,109,111,112,114,121,123,137,139,146,148,153,159,174,176,181,182,184,187,196,201,202,203,209,217,221,222,229,231,232,233,239,241,244,246,249,250,251,252,256,262,263,266,268,277,279,280,283,285,288],"class_list":["post-6453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-clean-energy","category-climate","category-climateaction","category-climatechange","tag-alleviation","tag-aramco","tag-athens","tag-athensenergydialogues","tag-baroudi","tag-carbon","tag-climate","tag-climate-change","tag-climateaction","tag-climatechange","tag-closure-of-nuclear","tag-co2","tag-cyprus","tag-decarbonising","tag-decarbonization","tag-democracy","tag-disputes","tag-doha","tag-east","tag-eastmed","tag-egypt","tag-embargo","tag-emissions","tag-energy","tag-energy-market","tag-energyindustry","tag-europe","tag-european-fuels","tag-gas","tag-gazprom","tag-greece","tag-greenenergy","tag-hydrocarbons","tag-international","tag-lebanon","tag-liquefied-natural-gas","tag-maritime","tag-maritime-boundaries","tag-maritime-disputes","tag-mediterranean","tag-natural-gas","tag-offshore","tag-oil","tag-oil-and-gas","tag-opec","tag-peace","tag-plants","tag-pollution","tag-poverty","tag-power","tag-putin","tag-qatar","tag-renewable-energy","tag-reserves","tag-rosneft","tag-roudi","tag-russia","tag-russia-in-the-european-energy-sector","tag-russian-gas","tag-russian-sanctions","tag-saudi","tag-solar","tag-solar-power","tag-straddling","tag-sustainability","tag-total","tag-trump","tag-turkey","tag-ukrain","tag-unclos","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/6453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6453"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/6453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/6454"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}