{"id":74800,"date":"2022-11-15T02:17:51","date_gmt":"2022-11-15T02:17:51","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/15\/a-peek-at-what-a-loss-and-damage-agreement-could-look-like-g7-launches-small-fund-for-climate-emergencies\/"},"modified":"2022-11-15T02:17:51","modified_gmt":"2022-11-15T02:17:51","slug":"a-peek-at-what-a-loss-and-damage-agreement-could-look-like-g7-launches-small-fund-for-climate-emergencies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/15\/a-peek-at-what-a-loss-and-damage-agreement-could-look-like-g7-launches-small-fund-for-climate-emergencies\/","title":{"rendered":"A peek at what a loss and damage agreement could look like + G7 launches small fund for climate emergencies"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Here\u2019s what a global agreement on loss and damage (read: climate finance for the <\/strong><strong>developing world) could look like:<\/strong> The UN published <a href=\"https:\/\/ent.news\/2022\/11\/Co-facilitators_Elements_paper_COP_8f_CMA8f_0.pdf\">a draft text (pdf)<\/a> for a potential pact on loss and damage financing, giving us a first glimpse of what a global agreement on climate financing could look like.<\/p>\n<p><strong>Loss and damage funding could involve: <\/strong><\/p>\n<ul>\n<li>A new UNFCCC \u201cfit-for-purpose\u201d fund;<\/li>\n<li>An entity to operate the fund and strengthen existing operating entities;<\/li>\n<li>Public finance, including grants, and multi-sourced grant-based funding;<\/li>\n<li>Development finance and debt relief;<\/li>\n<li>Reform of multilateral development banks and international financial institutions;<\/li>\n<li>Humanitarian assistance.<\/li>\n<\/ul>\n<p><strong>This is still very much a work in progress<\/strong> and could change before being adopted at the end of the summit, <a href=\"https:\/\/www.reuters.com\/business\/environment\/cop27-considering-loss-damage-fund-among-other-finance-options-draft-text-2022-11-14\/\">Reuters<\/a> reports. We won\u2019t even begin to highlight all the areas that are going to require far more specific, concrete commitments if poorer nations are ever going to acquire the financial resources necessary to decarbonize their economies \u2014 let alone adapt to the damage that has (and will) be done.<\/p>\n<p><strong>Landing an agreement won\u2019t be easy: <\/strong>Wealthy nations have long refused to discuss the subject of compensation and fought tooth and nail to try and get it off the agenda for the summit. US climate envoy John Kerry put it bluntly last week, telling the conference that \u201cit\u2019s just not happening.\u201d<\/p>\n<p><strong>Progress in week one was slow, to say the least:<\/strong> Representatives from developing countries have spoken in harsh terms about the lack of progress in negotiations over financing, with one <a href=\"https:\/\/www.reuters.com\/business\/cop\/final-week-cop27-climate-talks-success-hinges-loss-damage-2022-11-14\/\">calling it<\/a> a \u201cbetrayal of vulnerable communities\u201d and nations. \u201cAll of the crunch issues have gotten logjammed,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-14\/cop27-deal-looks-distant-as-loss-and-damage-slows-process?srnd=green-united-nations-climate-summit&leadSource=uverify%20wall&sref=mmeFTDW1\">another said<\/a>. \u201cYou\u2019re going into the second [week] with most of the big negotiating issues unresolved.\u201d<\/p>\n<p><strong>Egypt thinks the summit is salvageable:<\/strong> Egypt wants to get all countries on board with a \u201ccover text\u201d by Friday, COP27 President Sameh Shoukry <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-14\/cop27-deal-looks-distant-as-loss-and-damage-slows-process?srnd=green-united-nations-climate-summit&leadSource=uverify%20wall&sref=mmeFTDW1\">told the summit<\/a> yesterday. This will set out agreed targets and commitments and provide a framework for negotiations to continue at next year\u2019s COP28.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>MEANWHILE- The G7 will provide (a little bit) climate disaster relief:<\/strong> G7 countries yesterday <a href=\"https:\/\/www.bmz.de\/en\/news\/press-releases\/v20-g7-launch-global-shield-against-cllimate-risks-at-cop27-128244\">announced<\/a> a EUR 210 mn \u201cGlobal Shield\u201d initiative that will pay out ins. to countries affected by climate-related disasters. The initiative will be backed by EUR 170 mn from Germany and EUR 40 mn from other countries and when it is set up in <a href=\"https:\/\/www.reuters.com\/business\/cop\/plan-shield-people-climate-disasters-unveiled-cop27-2022-11-14\/\">January 2023<\/a> will provide money to <a href=\"https:\/\/www.reuters.com\/business\/cop\/pakistan-will-be-among-first-receive-g7-global-shield-climate-funding-2022-11-14\/\">Pakistan<\/a>, Ghana, Fiji and Senegal.<\/p>\n<p><strong>But some are calling it a distraction from the wider conversation on loss and damage and questioned its focus on ins:<\/strong> Harjeet Singh, head of global political strategy at the Climate Action Network, <a href=\"https:\/\/www.theguardian.com\/environment\/live\/2022\/nov\/14\/cop27-egypt-lula-brazil-rainforests-climate-conference-live?filterKeyEvents=false&page=with:block-63722a718f0813d2e7b589bd\">called it<\/a> \u201cyet another distraction strategy \u2026 to delay progress on loss and damage.\u201d Barbados climate envoy said they are \u201cnot yet persuaded\u201d on the ins. elements of the plan. \u201cUsing insurance is a method in which the victim pays, just in installments in the beginning,\u201d he said, calling for grants to be issued instead.<\/p>\n<p><strong>MORE FUNDS FOR GREEN INFRASTRUCTURE-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>AU, AfDB and Africa50 launch new alliance:<\/strong> The African Union, African Development Bank Group and <a href=\"https:\/\/www.africa50.com\/\">Africa50<\/a> launched the Alliance for Green Infrastructure in Africa (AGIA), saying that committing some USD 500 mn in funding will help deliver another USD 10 bn in capital for green infrastructure projects on the continent, according to <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/cop27-african-and-global-partners-launch-multi-billion-alliance-green-infrastructure-56403\">a statement<\/a>.<\/p>\n<p><strong>Who\u2019s on board? <\/strong>The European Investment Bank, EBRD, French Development Agency and others.<\/p>\n<p><strong>The details: <\/strong>AGIA intends to raise up to USD 500 mn to offer early-stage project development capital \u2014 with the aim to drumming up to USD 10 bn worth of green infrastructure investment on the continent, the statement says. Investment will be mobilized through co-investments, co-financing, risk mitigation and blended finance from alliance members.<\/p>\n<p><strong>Where will the funding go? <\/strong>AGIA is focusing on the energy, transport, water and sanitation sectors, as well as health, broadband, urban and rural infrastructure. Both large-scale projects \u2014 like huge solar or green hydrogen plants \u2014 and smaller initiatives like cleantech, energy storage or e-mobility projects will be eligible for support.<\/p>\n<p><strong>IN COP POLICY NEWS- <\/strong><\/p>\n<p><strong>Egypt\u2019s COP27 Presidency launched the <\/strong><strong><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/db607b02-9fe9-4aa1-8cba-baa10e98c0ad\">Aware (Action for water adaptation and resilience) initiative<\/a><\/strong> yesterday in partnership with the World Meteorological Organization in a bid to address inclusive cooperation to water related challenges and solutions, according to a <a href=\"https:\/\/ent.news\/2022\/11\/2927.pdf\">statement (pdf)<\/a>. The program aims to develop policies that will ultimately help improve and preserve access to water as communities adapt to water scarcity. Its focus will include support for sustainable wastewater management, sanitation policies and strategies, and improve early warning systems for extreme weather events.<\/p>\n<p><strong>DECARBONIZING THE GULF OF SUEZ-<\/strong><\/p>\n<p><strong>Egypt to work on decarbonizing the Gulf of Suez: <\/strong>The Egyptian Natural Gas Holding Company (EGAS) signed an MoU with US conglomerate General Electric and subsea robotics firm <a href=\"https:\/\/seasplit.com\/\">Seasplit Technologies<\/a> to explore developing 1.5 GW of offshore wind power in the Gulf of Suez, according to a joint <a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/egas-seasplit-technologies-and-ge-announce-mou-for-the-industrial-decarbonization-of-the-gulf-of-suez-s2dua4h4\">statement<\/a>. The facilities will be used to power offshore oil and gas facilities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here\u2019s what a global agreement on loss and damage (read: climate finance for the developing world) could look like: The UN published a draft text (pdf) for a potential pact on loss and damage financing, giving us a first glimpse of what a global agreement on climate financing could look like. Loss and damage funding [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":74801,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[527],"tags":[1276,551,11,417,1272,414,1275],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cop-watch","tag-alliance-for-green-infrastructure-in-africa","tag-cop-watch","tag-enterpriseclimate","tag-g7","tag-global-shield","tag-loss-and-damage","tag-v20","wpautop","entry"],"acf":{"mongo_id":"f911a7be-a927-4d7b-a583-2fd26e768d4e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/3102.jpg","photo_position":"above","related_issue":[74794],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A peek at what a loss and damage agreement could look like + G7 launches small fund for climate emergencies - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/15\/a-peek-at-what-a-loss-and-damage-agreement-could-look-like-g7-launches-small-fund-for-climate-emergencies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A peek at what a loss and damage agreement could look like + G7 launches small fund for climate emergencies\" \/>\n<meta property=\"og:description\" content=\"Here\u2019s what a global agreement on loss and damage (read: climate finance for the developing world) could look like: The UN published a draft text (pdf) for a potential pact on loss and damage financing, giving us a first glimpse of what a global agreement on climate financing could look like. 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