{"id":577372,"date":"2022-11-21T04:00:07","date_gmt":"2022-11-21T04:00:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/21\/landmark-loss-and-damage-pact-is-the-centerpiece-of-cop27-for-emerging-markets\/"},"modified":"2022-11-21T04:00:07","modified_gmt":"2022-11-21T04:00:07","slug":"landmark-loss-and-damage-pact-is-the-centerpiece-of-cop27-for-emerging-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/21\/landmark-loss-and-damage-pact-is-the-centerpiece-of-cop27-for-emerging-markets\/","title":{"rendered":"Landmark loss and damage pact is the centerpiece of COP27 for emerging markets"},"content":{"rendered":"

<\/a> Delegates from nearly 200 countries left COP27 yesterday with a <\/strong>landmark agreement to create a loss and damage fund<\/strong> to help vulnerable countries cope with climate disasters triggered by richer countries\u2019 emissions, the COP27 presidency said in a statement (pdf)<\/a>. The agreement came after a long stretch of tense negotiations that saw rifts between developed countries including the EU and the US, and other negotiators over issues like emissions reduction, the continued burning of fossil fuels, and the tar 1.5C target.<\/p>\n

The agreement was struck at dawn on Sunday during a plenary session<\/strong> that saw COP27 President Sameh Shoukry read through the final agenda items to no objection from negotiators, Reuters<\/a> reported. The summit, which officially ended on Friday, dragged on for an additional day and night as negotiators struggled to settle differences.<\/p>\n

\u201cA delicate balance\u201d:<\/strong> \u201cI consider the text to be adopted to be a reflection of both a delicate balance that responds to the interests of all of us, represented in this conference, and also a manifestation of the highest ambition that can be reached at this point in time,\u201d Shoukry said during the closing session (watch, runtime: 5:10:10<\/a>).<\/p>\n

The historic loss and damage fund will see developed countries pledge funds<\/strong> to \u201csave lives and livelihoods from climate change related disasters\u201d in climate-affected countries, the statement said. The fund will be targeted toward countries deemed most vulnerable against climate change, delegates said. Countries will need to identify \u201cnew sources of financing\u201d for the fund, officials said, according to the Wall Street Journal<\/a>. Developed countries want China, oil-rich Persian Gulf states and other higher-income countries in the developing world to contribute to the fund.<\/p>\n

The caveats: Most of the details on how the fund will operate were left to be ironed out over the next year<\/strong> leading up to COP28, the WSJ quotes officials as saying. A transitional committee with representatives from 24 countries is expected to work out the details, including who should pay into it, and the role of the fund in relation to the never fulfilled and now dated pledge to provide developing countries with USD 100 bn a year for climate mitigation.<\/p>\n

Mitigation \u2260 loss and damage: <\/strong>The USD 100 bn pledge on which developed countries failed to deliver addresses climate mitigation \u2014 or reducing emissions. Loss and damage is the climate finance offered to developing countries that have faced irreversible loss and damage on the back of climate disasters including storms and floods \u2014 an issue that must be addressed before these countries can begin to think about mitigation.<\/p>\n

Shoukry was pleased with the outcome of the talks:<\/strong> \u201cWe leave Sharm El Sheikh with renewed hope in the future of our planet, with an even stronger collective will and more determination to achieve the temperature goal of the Paris Agreement,\u201d he said. \u201cWe\u2019ve just adopted the landmark Sharm El Sheikh Mitigation Ambition and Implementation Work Programme that will hugely contribute to keeping 1.5 within reach, and I trust that we all know what needs to be done to safeguard 1.5 and ensure that we never go beyond.\u201d<\/p>\n

Some wanted to see more on the emissions reduction + fossil fuel phase out front: <\/strong>COP26 President Alok Sharma criticized this year\u2019s presidency for overlooking the steps taken last year and failing to \u201cboost\u201d those efforts. \u201cEmissions peaking before 2025, as the science tells us is necessary, not in this text,\u201d Sharma said. \u201cClear follow through on the phase down of coal. Not in this text. A clear commitment to phase out all fossil fuels. Not in this text. And the energy text weakened in the final minutes.\u201d EU climate policy chief Frans Timmermans shared the same reservations \u2014 as did most negotiators from the EU \u2014 over the text being \u201cnot enough of a step forward for people and planet.\u201d<\/p>\n

The main criticism:<\/strong> A proposal backed by India, the EU and other countries to phase down use of \u201call fossil fuels,\u201d was absent from the final text \u2014 with the text instead carrying forward the agreement made at COP26 to take steps towards the phase-down of coal and the phase-out of fossil fuels. A reference to \u201clow-emissions energy\u201d in the text was also criticized as opening the door to the use of natural gas. European MEPs went as far as to say that this was a \u201clost climate year,\u201d according to a statement<\/a>, while noting that the multilateral process was fruitful in the goal of achieving consensus on the issue of loss and damage.<\/p>\n

Many are pointing the finger at oil producers + large emitters: <\/strong>Germany\u2019s foreign minister Annalena Baerbock said the conference had been \u201cstonewalled by a number of large emitters and oil producers,\u201d the Financial Times<\/a> reports. \u201cEveryone should be expected to do better, but countries were constrained by financial ability,\u201d Egypt\u2019s COP27 ambassador Wael Aboulmagd said in response to the criticism.<\/p>\n

The debate on fossil fuels has been a long time in the making<\/strong>, with developed countries increasingly pushing for a transition away from the energy source. Developing countries in Africa and the Gulf have both been vocal supporters<\/a> of a slow, low-emission transition to renewables that relies on more natural gas in order to meet energy demands, as renewables remain intermittent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Delegates from nearly 200 countries left COP27 yesterday with a landmark agreement to create a loss and damage fund to help vulnerable countries cope with climate disasters triggered by richer countries\u2019 emissions, the COP27 presidency said in a statement (pdf). The agreement came after a long stretch of tense negotiations that saw rifts between developed […]<\/p>\n","protected":false},"author":1,"featured_media":577373,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","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":[10506],"tags":[6349,228,72,10507,301],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cop-watch","tag-cop-watch","tag-cop27","tag-enterpriseam","tag-loss-and-damage","tag-sameh-shoukry","wpautop","entry"],"acf":{"mongo_id":"15bbe74e-71c7-4c48-9b0e-47c7b32caa79","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/314.jpg","photo_position":"above","related_issue":[577368],"teaser":"","voice_url":""},"yoast_head":"\nLandmark loss and damage pact is the centerpiece of COP27 for emerging markets - EnterpriseAM Egypt<\/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\/egypt\/2022\/11\/21\/landmark-loss-and-damage-pact-is-the-centerpiece-of-cop27-for-emerging-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Landmark loss and damage pact is the centerpiece of COP27 for emerging markets\" \/>\n<meta property=\"og:description\" content=\"Delegates from nearly 200 countries left COP27 yesterday with a landmark agreement to create a loss and damage fund to help vulnerable countries cope with climate disasters triggered by richer countries\u2019 emissions, the COP27 presidency said in a statement (pdf). 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We are delighted to say this afternoon that COP27 is officially over, after delegates stayed up through the night and into the morning to finalize an agreement. The pact has good news for EMs on loss and damage but is getting mixed coverage in the international\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547144,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/09\/we-are-now-officially-responsible-for-cop27\/","url_meta":{"origin":577372,"position":2},"title":"We are now officially responsible for COP27","author":"enterpriseam admin","date":"9 June 2022","format":false,"excerpt":"We\u2019ve officially been passed the COP baton: Foreign Minister COP27 President-Designate Sameh Shoukry signed the COP27 Host Country Agreement with UN climate executive secretary Patricia Espinosa while attending meetings with members of the Group of 77 developing countries and China at a UN climate conference in Bonn (watch, runtime: 0:29).\u2026","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544702,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/shoukry-holds-climate-talks-with-malaysian-environment-minister\/","url_meta":{"origin":577372,"position":3},"title":"Shoukry holds climate talks with Malaysian environment minister","author":"enterpriseam admin","date":"16 March 2022","format":false,"excerpt":"Climate change adaptation and climate finance for developing countries were at the top of the agenda in a COP27-focused meeting between Foreign Minister Sameh Shoukry and Malaysian environment minister Tuan Ibrahim Tuan Man, according to a cabinet statement. Shoukry was in Kuala Lumpur as part of an Asian tour that\u2026","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":606914,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/24\/gerd-talks-resume-in-ethiopia-shoukry-backs-multipolar-world-order-in-un-general-assembly-address\/","url_meta":{"origin":577372,"position":4},"title":"GERD talks resume in Ethiopia + Shoukry backs multipolar world order in UN General Assembly address","author":"enterpriseam admin","date":"24 September 2023","format":false,"excerpt":"Officials from Egypt, Ethiopia and Sudan resumed negotiations yesterday, less than a month after talks in Cairo failed to find a breakthrough","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1394.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577091,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/09\/egypt-launches-global-climate-adaptation-plan\/","url_meta":{"origin":577372,"position":5},"title":"Egypt launches global climate adaptation plan","author":"enterpriseam admin","date":"9 November 2022","format":false,"excerpt":"Egypt unveils initiative to help poor countries adapt to climate change: COP27 President Sameh Shoukry yesterday launched a plan that envisions channeling bns of USD into the world\u2019s poorest countries by 2030 to help them adapt to the effects of climate change. In an event on the sidelines of the\u2026","rel":"","context":"In "COP WATCH"","block_context":{"text":"COP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/cop-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/149.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=577372"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577372\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577368"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577373"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577372"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577372"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}