COP27 Deal: $100 Billion Loss & Damage Fund a Year for Developing Countries
According to a letter from the COP27 President dated November 16, negotiations on the reports of the Santiago Network on loss and damage, Kyoto Protocol Compliance Committee, Paris Agreement Implementation and Compliance Committee, and Adaptation Fund have come to an end.
The work programme for mitigation, the global goal for adaptation, loss and damage financing, climate financing, Article 6, and agriculture are all still up for negotiation.
In a proposal on loss and damage, the Group of 77 bloc made particular requests for the item’s final text. According to the report, a fund must be set up to help developing nations pay for the costs of addressing non-economic and economic loss and damage related to the negative effects of climate change.
There has been a new, 4-page draught text on the mitigation work programme that is still full of discussion brackets. The UNFCCC’s work programme of equitable principles is presented as an option, with its complete deletion listed as a possible alternative.
There are additional options on the timescale, such as having the work programme last for only one to two years or until 2030. Luiz Inácio Lula da Silva, the incoming president of Brazil, was greeted as a hero by the audience when he spoke on Wednesday night at COP 27.
He declared that “Brazil is back” in the fight against climate change and pledged to take all necessary steps to end deforestation in the Amazon. He also promised to have Brazil host the COP summit in 2025. President of the COP27 Sameh Shoukry took stock of the situation and assigned pairs of ministers to work on each agenda item requiring high-level political negotiations, according to special representative and ambassador Wael Aboulmagd.
The cover decision text has input from parties on priorities, expectations, and red lines that must not be violated, he said. Negotiations are difficult because of the third part. He emphasised that while the pace of COP 27 has been average, some delegations are delaying work in various discussion chambers. However, there is still potential for advancement and impromptu decisions in keeping with expectations of people everywhere.
The announcements that nations made at the G20 conference in Bali would affect the discussions at COP. In response to certain countries removing the ideas of equity and common but differentiated responsibilities from the cover decision text, he stated that these principles are established in Article 2 of the Paris Agreement and cannot be removed.
“We are aware of the various positions on that, and we are working now, but moving forward, with all parties to ensure that everyone finds the language that accommodates their perspective in an appropriate manner, but also one that is faithful to the legal agreement that we have all ratified in our internal processes,” he said.
Regarding the failure to reach the target of $100 billion in climate money, he claimed that it was not the main focus of the procedure and that the amount was more of a show of goodwill from the rich nations. Even after COP27, countries’ NDCs can still be updated. Accountability is ensured through the transparency framework established by the UNFCCC.
However, Aboulmagd contends that pledges made by nations outside the UNFCCC framework must be held accountable by media attention and other forms of public pressure. On loss and damage negotiations, he stated that the Santiago Network would soon be operationalized, but he made no mention of the creation of a funding institution. He continued that real advancement on this was necessary.
At a side session, experts emphasised the seriousness of the issue of Fossil Fuel subsidies and the nearly twofold increase in government support for them in 51 different nations. They urged the elimination of subsidies for fossil fuels. According to Julia Levine, energy programme manager for Canada’s environmental defence, the country provides subsidies to businesses that extract and produce fossil fuel.
The Canadian government committed $100 billion to fossil fuel output between 2015 and 2019. The government has already committed 16 billion dollars this year, she emphasised. Instead of wasting this money, the nation could have used it to finance a just energy transition for the entire world, given Canada’s fair part of international climate finance, or deal with loss and damage.
According to Shruti Sharma, senior policy advisor for the IISD energy programme, fossil fuels receive nine times more subsidies in India than clean energy. According to her, from fiscal years 2016 to 2020, Indonesia’s energy sector received 94% of its support from the production and use of fossil fuels, and 1% from renewable energy sources.
ChidoMonzado from IISD noted that in South Africa, the social costs of fossil fuels (mortality, illnesses, and climate change) considerably outweigh the subsidies and income they produce. While Brazil’s fossil fuel subsidies totalled $21.9 billion in 2021, Argentina’s fossil fuel subsidies earned from 2010 to 2020 might assist with the transition to a 100% renewable power-producing park by 2045.
According to a press briefing from Climate Action Network, the fossil fuel lobby might jeopardise COP27 outcomes, such as giving strong wording for a phase-out of all fossil fuels, including coal, oil, and gas. Further, fossil fuels were not included in Egypt’s extensive list of factors that would probably be taken into account for the cover decision. This is true despite the EU supporting India’s proposal for a phase-down of all fossil fuels.
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