On the eve of the closing, COP27 is still stuck on finances | COP27

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&On the eve of the closing, COP27 is still stuck on finances | COP27

Poor countries least responsible for global warming are asking for help to deal with it.

Developing countries staged a united front on Thursday to demand funding to offset the devastation already being wreaked on them by climate change, a hot-button issue stumbling on negotiations, one day before the scheduled end of COP27.

Delaying climate justice would be justice denied, Pakistani Climate Change Minister Sherry Rehman has called on behalf of the powerful G77+China negotiating group, which tabled a draft resolution on climate change. immediate creation of a financial facility dedicated to such losses and damages.

We want at the bare minimum a political declaration of intent, she said at a joint press conference with the representatives of the other groups of developing countries, least developed countries (LDCs), small states Islanders (Aosis) and Independent Alliance of Latin America and the Caribbean (Ailac). However, she ruled out that these groups slam the door of the talks, believing that it would be premature.

“Loss and damage is a vicious cycle that must be broken. The place to do it is here. The time to do so is now, at this COP27.

— Alioune Ndoye, Senegalese Minister of the Environment Alioune Ndoye

The United States and the European Union are very reluctant, but the EU played the open on Wednesday by announcing more than one billion euros (1.3 billion dollars Canadians) of funding for adaptation in Africa, including $60 million for loss and damage.

European Commission Vice-President Frans Timmermans has also proposed to shorten discussions on loss and damage financing to one year, instead of two.

At the same time, he insisted that, if ever the decision to create a specific fund were adopted, China, the world's leading polluter and second economic power, should be among the contributors.

“If the COP fails, we all lose. »

— Frans Timmermans, Vice-President of the European Commission

The subject of losses is made even more sensitive by the multiplication of devastating extreme events, illustrated by the procession of #x27;floods, droughts or giant fires of the current year.

Poor countries, often in the front line, are the least responsible for global warming and they are now demanding a specific financial mechanism for this damage, to which the rich are very reluctant.

Financial talks are taking place amid deep mistrust, with rich countries failing to deliver on a 2009 pledge to increase funding for climate change adaptation and emissions reduction to $100 billion a year of greenhouse gases for developing countries.

The sums currently on the table for these different sectors are derisory compared to the estimated needs, which are are widely believed to be in the trillions.

The Egyptian COP presidency has circulated a working document for a final declaration which does not mention anything concrete on contentious financial matters.

It does, however, provide information on certain other important files. On climate ambition, it thus reaffirms the objective of limiting warming if possible to 1.5°C compared to the pre-industrial era, the most ambitious objective of the Paris Agreement from 2015.

Saudi Arabia and China were reluctant to mention it, according to observers of the negotiations in Sharm el-Sheikh. But it was finally taken up in the final communiqué of the G20 summit in Bali, of which these two countries are members, and is therefore found in the project.

The text also emphasizes that the current commitments to reduce greenhouse gas emissions from the various countries are far from allowing this objective to be met and calls once again for them to be raised. According to UN analyses, current commitments are at best able to limit global warming to 2.4°C by the end of the century.

About On the energy side, the project gives a large and unprecedented place to renewables. And picks up on hard-negotiated language last year at the COP in Glasgow calling for scaling up efforts towards carbon reduction without CO2 capture systems.

It doesn't mention such a reduction for oil and gas, as demanded by many countries, but only for inefficient fossil fuel subsidies, as the G20 in Bali did.

The conference should theoretically end on Friday, but the COPs generally continue beyond the scheduled deadlines.

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