Demonstrators demand pay for loss and damage at the COP27 UN Climate Summit in Sharm el-Sheikh, Egypt.It is this: in climate talks rich nations care most about driving down emissions so as to stave off the worst impacts of warming; while poor nations are also focussed on securing finance they need not just to cut emissions, but to even survive warming they did not cause.Under the terms of the Paris Agreement, emissions reduction commitments are only brought to the table every five years.
That figure has never been reached and this failure constitutes a breach of trust that has cast a pall over the broader proceedings.On Wednesday night the Egyptian COP presidency asked Australian Climate Change and Energy Minister Chris Bowenwith his Indian counterpart over a replacement for the $US100 billion agreement that expires in 2025.
Some see this as a tactical distraction of a coal giant, but it is gaining traction in the conference, even winning support from the EU’s climate chief Frans Timmermans.Frans Timmermans, executive vice president of the European Commission, attends a session at the COP27.“But we also have to make sure that this call does not diminish the earlier agreements we had on phasing down coal, so if it comes on top of what we already agreed in Glasgow, then the EU will support in this proposal.
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Source: FinancialReview - 🏆 2. / 90 Read more »