Finally, comes theclimate agreement. A Cop27, the Egyptian presidency presented a draft on the “Loss and Damage” – a fund to restore losses and damage in the countries most vulnerable to extreme weather events – but which snubbed the European proposal. However, the Union decided to put it down, up to threatening to abandon the negotiations, and in the end it got the better of it. Thus in the end China and the G77 accepted the mention of the most vulnerable among the recipients of aid (and not all developing countries, among which China and India also stand out) and to broaden the donor pool (in so that China and other emerging countries can also be included among those who contribute to the fund).
After more than two weeks, the United Nations climate conference ended more than a day behind schedule, becoming one of the longest COPs in history and one of the most disappointing for the EU. Let's see why.
“Loss and Damage”, what is it?
Literally, "Loss and Damage", and means those caused by catastrophes due to global warming of human origin. In short, whoever breaks pays. This is what the countries that find themselves paying for the most devastating effects of climate change are asking for, when instead they have less responsibility on the emissions front. And the new fund is based on this assumption: the rich and industrialized countries are responsible for most of the emissions and for this they must assume economic responsibility for the damage they are causing.
This is not a new concept, on the contrary it has been circulating on the tables of the United Nations for at least 30 years. The problem? It's not just about one economic question, but also legal. What worries the responsible nations is accepting an international fund that could correspond to an admission of guilt and therefore paving the way for future international legal disputes which, in turn, would mean other expenses.
Cop27 final document
The final document approved at the Cop27 in Sharm el-Sheikh saves the goal of maintaining the global warming within 1,5 degrees from pre-industrial levels, the major achievement of Cop26 in Glasgow last year. On pole the transition to renewables and the elimination of subsidies for fossil fuels. But the document calls for the reduction of coal-fired electricity production with emissions not abated, but not for its elimination. The new ambitions for the reduction of greenhouse gases are also absent: the use of greenhouse gases is not mentioned at all fossil fuels, as several countries had requested instead. Cop27 recognizes that maintaining the 1,5 degrees Celsius target requires a 43% reduction in emissions by 2030 compared to 2019. With the commitments of decarbonization at present, however, the cut in emissions would be only 0,3% in 2030 compared to 2019. For these, the states that have not yet updated their decarbonization objectives are invited to do so no later than 2023.
