{"id":579783,"date":"2022-11-20T13:27:23","date_gmt":"2022-11-20T13:27:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/cop-makes-strides-on-loss-and-damage-but-disappoints-developed-nations-on-mitigation\/"},"modified":"2022-11-20T13:27:23","modified_gmt":"2022-11-20T13:27:23","slug":"cop-makes-strides-on-loss-and-damage-but-disappoints-developed-nations-on-mitigation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/cop-makes-strides-on-loss-and-damage-but-disappoints-developed-nations-on-mitigation\/","title":{"rendered":"COP makes strides on loss and damage \u2014 but disappoints developed nations on mitigation"},"content":{"rendered":"

Good afternoon, wonderful people. <\/strong>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 press over mitigation targets. Without further ado\u2026<\/p>\n

THE BIG STORY TODAY (AT HOME AND ABROAD)-<\/strong><\/p>\n

<\/a> COP27 wraps with an agreement for EMs on loss and damage:<\/strong> Delegates from almost 200 countries walked out of COP27 this morning with what the summit\u2019s presidency is calling a \u201clandmark agreement\u201d to create a loss and damage fund to help vulnerable countries cope with climate disasters triggered by richer countries\u2019 emissions, it said in a statement (pdf)<\/a>. The agreement came after a long stretch of tense negotiations that saw the summit drag on for an additional day and night as negotiators debated the issues of loss and damage, emissions reduction, fossil-fuel burning, and the 1.5C target laid out in the Paris Agreement.<\/p>\n

The agreement took a whole lot of compromise: <\/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 COP27 President Sameh Shoukry said during the closing session (watch, runtime: 5:10:10<\/a>).<\/p>\n

Not everyone walked away from the table feeling positive:<\/strong> The divisive result of the summit is making for a stream of polarized coverage. Emerging markets are celebrating the loss and damage fund as a historic shift towards climate justice. For many countries in the developed world, the achievement is marred by the absence of a fossil-fuel phaseout or stronger ambitions for emission reduction. (Reuters<\/a> | CNBC<\/a> | Bloomberg<\/a> | WSJ<\/a> | FT<\/a> | CNN<\/a> | AP<\/a>)<\/p>\n

We\u2019ll bring you more on the agreement and other outcomes of COP in tomorrow\u2019s editions of EnterpriseAM and Enterprise Climate. <\/strong><\/p>\n

FROM COP to CUP-<\/strong><\/p>\n

<\/a> President Abdel Fattah El Sisi is in Qatar to attend the opening ceremony of the <\/strong>2022 FIFA World Cup<\/strong>, according to an Ittihadiya statement<\/a>. The ceremony kicks off at 4pm CLT, before Qatar and Ecuador play the opening game of the tournament at Al Bayt Stadium at 6pm CLT. We have more on World Cup events and fixtures in our Sports section, below.<\/p>\n

ALSO HAPPENING NOW-<\/strong><\/p>\n

On the docket for the House: <\/strong>The House of Representatives is today holding votes on the contractor compensation bill<\/a>, a law restructuring Al Azhar<\/a>, and a foreign loan agreement with South Korea's Export-Import Bank (KEXIM) that will fund part of the project of upgrading the railway tracks linking Luxor and the High Dam train stations.<\/p>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s Enterprise<\/strong>AM:<\/strong><\/p>\n