A draft of the agreement that delegates at the COP27 summit in Sharm El-Sheikh hope to reach an agreement on in the coming days was published by the UN agency for climate change on Friday.
One of the most contentious issues at the summit, the "loss, and damage" financial arrangements to provide funding to developing countries suffering catastrophic climate events were not addressed in the text, which builds on earlier less formal iterations.
Loss and damage refer to the consequences of climate change that go beyond what people can adapt to, or when options exist but a community doesn't have the resources to access or utilize them. Financing or a new fund for addressing loss and damage — for example, the money needed for relocating people displaced by floods — has been a long-pending demand of poor and developing countries. But rich countries have avoided discussions on it for over a decade.
Financing or a new fund for addressing loss and damage — for example, the money needed for relocating people displaced by floods — has been a long-pending demand of poor and developing countries, including India. But rich countries have avoided discussions on it for over a decade.
Instead, the draft text on COP 27's overarching decision contained placeholder text reading: “Placeholder funding arrangement responding to loss and damage.” The draft reaffirms that limiting global warming to 1.5°C requires rapid, deep, and sustained reductions in global greenhouse gas emissions, including reducing global carbon dioxide emissions by 45% by 2030 relative to the 2010 level and to net zero around mid-century, as well as deep reductions in other greenhouse gases.
One of the most contentious issues at the summit, the "loss, and damage" financial arrangements to provide funding to developing countries suffering catastrophic climate events were not addressed in the text, which builds on earlier less formal iterations.
Loss and damage refer to the consequences of climate change that go beyond what people can adapt to, or when options exist but a community doesn't have the resources to access or utilize them. Financing or a new fund for addressing loss and damage — for example, the money needed for relocating people displaced by floods — has been a long-pending demand of poor and developing countries. But rich countries have avoided discussions on it for over a decade.
Financing or a new fund for addressing loss and damage — for example, the money needed for relocating people displaced by floods — has been a long-pending demand of poor and developing countries, including India. But rich countries have avoided discussions on it for over a decade.
Instead, the draft text on COP 27's overarching decision contained placeholder text reading: “Placeholder funding arrangement responding to loss and damage.” The draft reaffirms that limiting global warming to 1.5°C requires rapid, deep, and sustained reductions in global greenhouse gas emissions, including reducing global carbon dioxide emissions by 45% by 2030 relative to the 2010 level and to net zero around mid-century, as well as deep reductions in other greenhouse gases.
