HomeWorldMaldives environment minister says negotiators have reached agreement on climate fund

Maldives environment minister says negotiators have reached agreement on climate fund

Negotiators say they have struck a possible breakthrough deal on the thorniest issue of united nations climate talksCreation of a fund to compensate poorer countries for poor weather caused by carbon pollution from rich countries.

“there is an agreement on loss and damage,” which is what is called negotiator concept, Maldivian Environment Minister Aminath Shouna told The Associated Press on Saturday. It still needs to be unanimously approved in a vote later today. “It means that for countries like ours, we will have the solutions that we have been advocating for.”

Saturday afternoon’s draft resolution came from the Egyptian presidency. A second key climate negotiation leadership document ignores India’s call to phase out oil and natural gas, as well as last year’s deal to wean the world off “unsustainable” coal has been done.

According to the draft compensation proposal – the issue is called “loss and damage” in negotiating parlance – developed countries will be “urged” to contribute to the fund, which will be combined with other private and public sources of funding such as international Will also attract financial institutions. In the talks, the world’s poorest nations, which contributed little to historical emissions of heat-trapping gases, have united to push for such a fund.

“We managed to make progress on an important outcome,” said Wael Abulmagd, who led the Egyptian delegation. “I think we’re getting there.”

However, the proposal does not suggest that major emerging economies such as China contribute to the fund, which was a key demand from the European Union and the United States.

It also does not tie the creation of the new fund to any increase in efforts to cut emissions, or restrict recipients of funds to countries that are most vulnerable, which was an earlier proposal by the Europeans.

The two drafts, released by Egypt’s president, barely build on what was agreed in Glasgow last year, on efforts to cut emissions and a broader decision of this year’s talks.

The texts omit reference to Paris’ less ambitious target of limiting global warming to “below 2 °C (3.6 Fahrenheit), which scientists say is too risky.”

They also do not suggest any new short-term targets for developing or developed countries, which experts say is needed to achieve the more ambitious 1.5C (2.7F) target that would prevent some of the more extreme effects of climate change. Will give

Loss and damage has been an all-consuming issue In conversation for two weeks.

The surprise proposal came just days before the European Union tied a fund for climate disasters to cut emissions called for in the 2015 Paris climate accord. That landmark deal aims to limit global temperature increases to an ambitious 1.5 degrees Celsius (2.7 Fahrenheit), and any change this year could be interpreted as not reinforcing efforts.

The meeting, known as COP27, began two weeks ago and was due to end on Friday but is set to stretch until the weekend.

Earlier on Saturday, government delegations and the Egyptian hosts of the meeting pointed fingers at each other.

German Foreign Minister Annalena Bierbock said that responsibility for the fate of the talks “now rests in the hands of the COP president of Egypt.”

He said the EU had made it clear overnight that “we will not be here signing a paper that diverges significantly from the 1.5 Celsius path, which will reduce the 1.5 degree target.”

“If these climate conferences were to push us back, we wouldn’t have needed to travel in the first place,” she said.

Egyptian Foreign Minister Sameh Shoukry, speaking as chairman of the summit, made the accusation.

“The issue now rests on the will of the parties,” Shoukri told a news conference. “It is the parties who must rise to the occasion and take responsibility for moving forward and finding areas of convergence.”

He added that “all must show the necessary flexibility” in reaching a consensus, and that Egypt was only “facilitating the process.”

In another blow, top US climate envoy John Kerry tested positive for COVID-19 although he has only mild symptoms and has been working by phone with his negotiating team and foreign counterparts , his spokesman said late Friday.

During climate summits, US, Chinese, Indian and Saudi Arabian delegations have kept a low public profile, while European, African, Pakistani and small island nations have been more vocal.

An important sticking point remains on the issue of loss and damage. The world’s poorest nations are pushing for Western carbon polluters to set up a fund to compensate countries hit by climate extremes like Pakistan and its devastating floods, as the developing world begins to increase heat-trapping gases in the atmosphere. puts very little.

Irish Environment Minister Eamon Ryan, one of the lead negotiators on loss and damage, said, “If it’s pitting one country against another, one bloc against another, these talks won’t work.” “The only way this will work is if we sit down in cooperation and recognize that we have common cause because we are in common trouble and that the only solution can be a good solution.”

Mohamed Addo of the climate advocacy group Power Shift Africa accused the United States and the European Union, saying, “They are the two groups of parties that are currently stalling and delaying the outcome of our solidarity out of Sharm el-Sheikh.” Huh.”

“We are now very close to receiving the loss and damage funds,” Edo said.

Vasco said the United States may have moved a bit further on its stance and been more willing to accept the establishment of a loss and damage fund, but the division is now on where and how that is done and who puts the money into it.

Many of the more than 40,000 attendees have left town, and workers have begun dismantling the huge pavilions in the sprawling convention area.

COP meetings have evolved over the years to resemble trade fairs, with many countries and industry groups setting up booths and displays for meetings and panel discussions.

At several stands, the chairs had been neatly folded into the stands, and the monitors removed, leaving cables hanging from the walls. Pamphlets and booklets were scattered on the tables and the floor. Snack bars, which Egyptian organizers said would remain open through the weekend, were emptied.

In the Youth Pavilion, a gathering place for youth activists, a stack of handwritten postcards from children to negotiators was left on a table, perhaps an apt metaphor for the state of the game as the talks failed.

“Dear COP27 Negotiators,” read one card. “Keep fighting for a better planet.”

An occasional gust of wind from nearby open doors blew some of the cards onto the floor.

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