The support fund for emerging countries demands a greater climate commitment from China

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The European Union has stated this Friday that it is willing to commit to the financing of loss and damage caused by climate change in vulnerable countriesone of the issues that remain unresolved at the XXVII UN Climate Change Conference of the Parties (COP27) that would have to end this Friday afternoon in Sharm-El Sheikh (Egypt) after almost two weeks of negotiations but that will last until this Saturday.

That, the payment of reparations for the damages caused by climate change, is precisely one of the thorny issues that are at the center of the UN-led party talks to curb climate change taking place this year in Egypt. It is the first time that country delegates at the conference have agreed to include the issue known as ‘loss and damage’ on the climate agenda. Developing countries have long pushed for the creation of a financial mechanism where aid to countries resides suffering from climate change induced and caused by developed countries.

However, the creation of a financial fund for climate damages not the preferred choice for Twenty-sevenbut this Friday, the vice-president of the European Commission for the Green Pact, Frans Timmermanns has announced its “latest offer” in which it accepted an international fund for global warming aimed at the most vulnerable that reflects the financial reality of 2022 as long as this goes hand in hand with greater ambition in reducing emissions” by others players like China, the largest emitter today.

Mitigation, adaptation and loss and damage go together“, Timmermans defended to the media in Sharm-El Sheikh. Another issue causing division at the summit is the use of fossil fuels. Russia’s invasion of Ukraine has raised energy prices, so Many countries are rethinking their energy policy and reactivate its coal plants. There have been numerous calls to end the use of fossil fuels at this conference that is highlighting geopolitical tensions, as well as the multiple global food and energy crises, according to DPA.

NGOs give battle

The NGO they are fighting until the last minutes of the negotiations seeing that the loss and damages fund is hanging by a thread and describe the general progress of COP27 as “slow”– Friends of the Earth accuses the United States of having once again played a “deeply hindering” role because it considers that it has hindered the demands of developing countries “at all times.”

Thus, it regrets that indigenous peoples and communities on the front lines are already suffering increasingly extreme weather eventswhich cause enormous economic losses and cultural deterioration, and see how developing countries continue to struggle to establish a fund to pay for these irreversible losses and damages.

In its analysis, the NGO denounces that the rich countries position themselves as “the saviors of threshold of 1.5ºCwhile blaming large developing countries like China or India for climate inaction without thinking about their “own decades of inaction, blatant disregard for their historical responsibility, continued climate pollution, and reluctance to even come to a compromise.” agreement on the 1.5°C threshold,” something that climate justice activists and developing countries have been calling for for years.

Source: lainformacion.com

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