Why the triumph of COP27 can only be celebrated halfway

Countries agree to create an aid fund for vulnerable countries, the great success, but postpone the debate of who will contribute and do not strengthen the fight against climate change

The World Climate Summit in Egypt, COP27, will mark a turning point in the history of international cooperation on climate change. For the first time, the almost 200 countries gathered to reach political agreements on this matter have done what has come to be called ‘climate justice’. That is, that the most thriving economies – and at the same time more polluting – help poor countries that already suffer the effects of climate change without contributing little to it, and that also lack sufficient resources to face its devastating effects. To this end, the creation of a new international financing fund has been agreed.

Thus, with the call for help from vulnerable countries, the climate summit began in its 27th edition and with these same ones celebrating their triumph it closed during the early hours of Sunday, after tough negotiations that were not without chaos, as denounced by some delegates. The apology of the president of the Egyptian summit for some “false step” taken in his management spoke for themselves.

But the triumph that for many was the creation of that new fund to alleviate the ‘losses and damages’, for others is not enough to sing the victory. “We have taken a small step. We have treated the symptoms, but not the patient with the fever,” EU President Ursula von der Leyen said after the outcome of the summit.

He was referring to the lack of ambition in the fight against climate change that is already losing lives and money to many countries on the planet. Commitments on emissions cuts have not been increased. The end of the use of fossil fuels has not been committed and no concrete measures have been established to mitigate global warming to 1.5º. All in all, the feeling that remains is bittersweet.

Loss and damage: the new fund, with installment delivery

The qualified as historic step of the summit is a success with delivery in installments. That is, as stated in the final documents of the agreement, a transition committee will be responsible for drawing the operation, taxpayers, sources of income and coordination of aid. Its work will be taken for “consideration and adoption” at the 2023 summit, to be held in the United Arab Emirates, “with a view to operationalizing financing agreements and arrangements.”

In this way, the main obstacle, and for which the European Union threatened to abandon the negotiation without agreement, was postponed. That is, who contributes to that fund, whether for example China will be a rich and polluting country, among others, or not. Funding sources are also ignored. “Wide variety of sources,” the agreement reads. They can be public, private…

But it says nothing about proposals such as the one made by the head of the United Nations to tax large energy companies or that of Europe, which advocates doing the same with highly polluting sectors such as aviation. Before February 15, the agreement suggests, the parties must submit their opinions on this fund. The United Nations, the World Bank and the IMF also have duties on how to make aid more accessible and bring new approaches to financing.

CO2 and greenhouse effect: 1.5º is still alive, but without cutting emissions

The COP27 agreement reaffirms the objectives of curbing the increase in temperature of the Paris Agreements, “well below 2º, and continuing efforts to limit the rise in temperature to 1.5º”. On the measures, he talks about “continuing to make efforts” in a very generic way and has a continuity approach with what was agreed in Glasgow on cutting emissions. 43% less than the 2019 level by 2030.

Fuels: neither oil nor gas cited as sources to abandon

India proposed that the declaration talk about abandoning all fossil fuels and not just coal, as before. The EU supported it. But no country with more weight. Finally, no mention is made, something that was pointed out by European leaders, among others, as one of the failures of the meeting.

Energy: mention of renewables and their deployment

In terms of energy, the text talks about the objective of achieving a decarbonized economy by 2050, but does not put a deadline or limit on the burning of fuels. It only points to the need to invest $4 trillion annually until 2030 to reach net emissions by mid-century. The International Energy Agency published a report in the middle of the summit in which it warned that without at least abandoning coal as an energy source, especially strong in Asian economies, renewable energy alone would not be able to curb ongoing climate change.

The bill: a reminder – and nothing more – to comply with the agreement

This section may be the one that most demonstrates the validity of the commitments signed by the countries at these summits. COP27 has served to remind that the commitment to mobilize 100,000 million dollars in 2020 has not been fulfilled, so it “urges” states to comply with them. On the other hand, the document puts a figure on the needs of developing countries to face the context of climate change in which the planet finds itself: 5.6 trillion dollars of investment until 2030. Finally, they warn that global climate finance flows “are small”. They only cover 30% of the necessary investment.

Source: ABC