Warned that mounting economic crises should not delay action on increasingly obvious global warming threats, climate negotiators agreed at UN talks on Sunday to start discussions on a funding plan to help climate-hit countries cope with surging losses.
Photo via PhilStar/Michael Varcas
The agreement to put funding to address “loss and damage” on the negotiating agenda came amid sustained pressure from small island states and other vulnerable nations, including Pakistan, hit by summer floods that covered a third of the country. But between liability payments and simple government contributions to boost insurance and early warning systems lies fertile ground for other potential sources of loss and damage funding, said Harjeet Singh, head of global political strategy for Climate Action Network, an international coalition of green groups.
Singh said that “taxes are the operating space” for finding politically acceptable loss and damage finance – but putting levies on fossil fuel profits would be difficult because “the nexus between companies and politicians is so strong”. Conrod Hunte, deputy chair of the Alliance of Small Island States , told negotiators that his members “do not want to be treated as though you are doing us a favor.”
On Monday and Tuesday, about 110 leaders are expected to gather at COP27 for a two-day leaders’ summit, which COP27 organizers hope will help drive new ambition to cut emissions and boost finance for green energy and climate resilience.
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