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Climate Brief: Wednesday @ COP27 [1]

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Date: 2022-11-16

While it’s beginning to look extremely doubtful that negotiators will agree to a funding mechanism for loss and damage at COP27, there was a ray of hope Wednesday when they agreed to put the Santiago Network in place, which would provide technical help to countries needing assistance with rebuilding following disasters.

x An important moment! So grateful to everyone who worked tireless to make this happen. Special shout out to tireless advocates of the #SantiagoNetwork @HeidiMareeWhite @ColinMcQuistan @doreenstabinsky and @nhyacinthe791 among many others.🤟 Now to finance the work !👊 https://t.co/11WzZx4DMc — Erin Roberts (@Rininreallife) November 16, 2022

By day's end on Wednesday, little progress had been made on other items under consideration, such as whether to include the 1.5 degree C target and phasing out of fossil fuels — and not just coal — in the final negotiating document.

EU climate chief Frans Timmermans said the EU is open to considering a fund for Loss and Damage but indicated it would not become a reality until next year. The G77 group of developing countries and China are calling for an agreement on a funding facility in Sharm el-Sheikh this week.

“We want to be bridge builders. We are open for this facility, but under certain conditions, and we need to discuss this,” Timmermans told reporters on Wednesday.

“I think everybody should be brought into the system on the basis of where they are today. China is one of the biggest economies on the planet with a lot of financial strength,” said Timmermans. “Why should they not be made co-responsible for funding loss and damage?”

Developing countries have previously said the new fund could be modelled on the UN’s flagship Green Climate Fund (GCF), which was established in 2010. It took five years for the first projects to be approved. The EU argues existing and new financial instruments outside the UN climate process could deliver funding at the scale needed, more quickly. On Wednesday, Timmermans announced that the EU had allocated €60 million ($62m) for “loss and damage” from its Global Gateway programme. This would support an early warning initiative, climate and disaster risk finance and insurance mechanisms. www.climatechangenews.com/...

The EU’s promise of $6.2m for loss and damage is part of a $1 billion joint initiative with the African Union to increase funding for adaptation in Africa.

Other countries contributing funds to loss and damage include Scotland, Denmark, Germany, Austria, Ireland, and Belgium.

In reaction to the draft text which ministers are negotiating on Loss and Damage finance at COP27, Oxfam’s Climate Change Policy Lead, Nafkote Dabi said:

“As the COP27 enters the final crucial days, it is a shame that rich countries – especially the US – continue to reject calls from the G77 Group, representing 134 developing countries, for a loss and damage fund to be established here at COP27. “Oxfam supports the G77’s position and is saddened that the inclusion of Loss and Damage in the COP27 agenda remains a political game for developed countries, who may likely exit this summit with no agreement on the way forward. The principles that underpin the global climate discussion – responsibility, equity, justice, fairness – have left the conference room. “More than 40 million people in the Horn of Africa are currently experiencing climate induced hungers crisis. Pakistan is faced with $30 billion worth of loss and damage from the recent mass floods that left a third of the country under water. It is crucial that developing countries can access a formal fund to pay for the damages and losses they are already suffering today. “Wealthy nations must meet their $100 billion annual goal for climate finance in addition to establishing a new Loss and Damage fund that is fit for purpose, accessible and gender responsive. It is long overdue. "Rich countries must heed the urgent call and deliver a loss and damage fund at COP27.”

U.S. and China Restart Climate Talks

BALI, Indonesia — President Biden and President Xi Jinping of China agreed on Monday to restart talks between their countries as part of international climate negotiations, a breakthrough in the effort to avert catastrophic global warming. -snip- The announcement reverberated nearly 6,000 miles away in Sharm el Sheikh, Egypt, where delegates and activists at the United Nations climate conference, known as COP27, were hoping for news that could spur more aggressive climate action from countries around the world.

The Global Shield: A compliment to Loss and Damage

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[1] Url: https://www.dailykos.com/stories/2022/11/16/2136632/-Climate-Brief-Wednesday-COP27

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