COP27 summit strikes historic deal to fund climate damages

Sharm el Sheikh, Egypt (AFP):

A fraught UN COP27 summit wrapped up Sunday with a landmark deal on funding to help vulnerable countries cope with devastating climate impacts — and deep disappointment over a failure to push further ambition on cutting emissions.

The two-week talks, which at times appeared to teeter on the brink of collapse, delivered a major breakthrough on a fund for climate “loss and damage”.

Tired delegates applauded when the loss and damage fund was adopted as the sun came up Sunday following days of marathon negotiations over the proposal.

But jubilation over that achievement was countered by stern warnings.

UN chief Antonio Guterres said the UN climate talks had “taken an important step towards justice” with the loss and damage fund, but fallen short in pushing for the urgent carbon-cutting needed to tackle global warming.

“Our planet is still in the emergency room. We need to drastically reduce emissions now and this is an issue this COP did not address,” Guterres said.

A final COP27 statement covering the broad array of the world’s efforts to grapple with a warming planet held the line on the aspirational goal of limiting global warming to 1.5 degrees Celsius from pre-industrial levels.

It also included language on renewable energy for the first time, while reiterating previous calls to accelerate “efforts towards the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies”.

A statement from the Alliance of Small Island States, comprised of islands whose very existence is threatened by sea level rise, said loss and damage deal was a “historic” deal 30 years in the making.

With around 1.2C of warming so far, the world has seen a cascade of climate-driven extremes in recent months, shining a spotlight on the plight of developing countries faced with escalating disasters, as well as an energy and food price crisis and ballooning debt.

The fund will be geared towards developing nations “that are particularly vulnerable to the adverse effects of climate change” — language that had been requested by the EU.