COP27 strikes deal over damage fund
SHARM EL SHEIKH: Negotiators from around the world salvaged climate talks from the brink of collapse late on Saturday, sealing a historic agreement on creating a “loss and damage” (L&D) fund to help vulnerable nations deal with the impact of global warming, a key victory for developing countries after days of hard parleys that pitched the Global North against the South.
Vulnerable countries and environmental experts said the agreement on L&D acknowledges the impact of climate change, particularly since the warming of 1.1°C till now has led to large disruptions on lives and livelihoods across several parts of the world.
At the same time, however, the deal fell short of what many said could have been a more ambitious stance on reining in emissions, and did not include a wider target on all fossil fuels, as proposed by India and several other nations. “It’s a historical day in climate change negotiations when it has been acknowledged after thirty years that increasing disasters causing loss and dam
EMISSION CUTS: COP27 "emphasises the urgent need for immediate, deep, rapid and sustained reductions in global greenhouse gas emissions"
WARMING TARGETS: The final declaration "reaffirms the Paris Agreement... and pursuing efforts to limit the temperature increase to 1.5C"
ENERGY: COP27 calls on parties to accelerate efforts for phasedown of coal and phase-out of fossil fuel subsidies
LOSS AND DAMAGE: Parties "decide to establish new funding arrangements for assisting developing countries"
age (both economic and non-economic) affecting communities/ countries which are least responsible for it are caused due to historic cumulative emissions. Efforts have begun by creating a funding arrangement to address such a facility,” said Kunal Satyarthi, joint secretary, National Disaster Management Authority and India’s lead negotiator on loss and damage.
From India’s perspective, the victories included the climate con
ference’s (COP27) endorsement of the sustainable lifestyle mission, and a clause regarding energy transitions, which did not single out particular fossil fuels. “Our proposal on sustainable lifestyles and consumption has been taken on board. It was conceived in India’s Lifestyle For Environment movement. We supported the loss and damage facility and suggested that the fund benefit all developing countries,” said Bhupender Yadav, Union environment minister.