COP 27 #2- Time to talk about the bill
Cutting carbon emissions remains a priority, but climate adaptation is gaining on importance in this climate crisis. This raises the stakes for the most climate vulnerable nations and putting developing economies back into the equation. This autumn, only African leaders showed up at the Africa Climate Adaptation Summit in Rotterdam…
So, after more than thirty years of being relegated to the background, the matter of loss and damage is finally at the agenda of COP27’s negotiations. Whether these are the consequences of sudden events, such as cyclones or floods, or slower effects such as sea level rise or droughts. And find a way to be able to better help certain disaster-stricken countries such as Pakistan earlier this year, which has been hit by historical floods.
A report commissioned by the COP presidency, estimates that by 2030, countries in the Global South will need more than USD 2 trillion a year to finance climate action. Half of which should come from external sources.
Thus, the financial issue holds an important place, with "talks" regarding the creation of a funding mechanism to address losses and damages. Everyone is open to establishing a dialogue regarding a concrete solution, but the US and the EU are not ready for an explicit incentive for a new financing mechanism. Options currently debated are specific blended finance partnerships or using carbon markets.
In a context marked by strong international tensions and the multiplication of extreme climatic events the success of COP27 will depend on the will of rich countries to finally assume their responsibility regarding the most vulnerable to climate change.Return to stay tuned