The failure of rich countries to meet their $100 billion pledge to help poorer countries deal with the climate crisis is expected to be a key issue at the 2008 UN Climate Change Conference (COP 27). Egypt’s Sharm El Sheikh from November 6 and 18. Union Environment Minister Bhupender Yadav, who is scheduled to address the conference on November 7, will lead the 18-member Indian delegation to COP 27, although it is not yet confirmed whether Prime Minister Narendra Modi will attend.
Officials said India will focus on a multilaterally agreed definition of finance, a new collective goal on finance beyond 2025, an assessment of a commitment to provide $100 billion a year in climate finance by 2020 and matters related to transparency of financial flows. Egypt will also host the World Leaders Summit on November 7 and 8. It is expected to be among the largest gatherings of climate stakeholders ever at the COP. More than 30,000 delegates have registered for COP 27.
Around 90 heads of state and nation are expected to speak at the summit. British Prime Minister Rishi Sunak, who has domestic commitments, may attend the summit if sufficient progress is made in preparations for the autumn budget, the BBC reported on Monday. US President Joe Biden and his French counterpart are among those scheduled to attend the event.
Citing floods in Pakistan and Nigeria, a prolonged drought in the Horn of Africa and extreme weather events in the US, speakers at a Climate Action Network (CAN) press conference on Monday said a financial tool to offset losses and damages would be critical for the country. COP 27 Discussion Program. About 140 US environmental organizations wrote to Special Envoy for Climate Change John Kerry on October 24, calling for an agreement to establish a fund to compensate for loss and damage at COP 27.
“The responsibility and obligation of wealthier countries like the United States is clear, as they have so far produced most of the heat-trapping emissions that drive these climate extremes,” said the letter shared at a press briefing by CAN, a global network of more than 1,300 environmental NGOs.
He added that the US in particular is responsible for nearly a quarter of cumulative carbon dioxide emissions since the start of the Industrial Revolution, by far the largest share of any single country. “Yet the U.S. stance on loss and damage negotiations is adamant, creating a major obstacle to meeting the urgent needs of climate-vulnerable countries and causing great harm to our nation’s reputation on the world stage, including most recently at COP 26 in Glasgow last year. November and at the climate conference in Bonn this June.
On October 28, Canada’s Environment and Climate Change Minister Steven Guilbeault and Germany’s Special Envoy for Climate Jennifer Morgan released a progress report on the climate finance plan, noting that developed countries have still not been able to mobilize the money. The report states that in 2009, industrialized countries pledged to provide a collective $100 billion each year from 2020. “Unfortunately, there is still a gap between ambition and reality: in 2020, collective climate finance reached US$83.3 billion,” it said.
The report added that it is abundantly clear that the global investment needed to respond to the threat of climate change is far greater than $100 billion. “…we must focus on setting an effective and purposeful target for climate finance beyond 2025. We must also focus on the broader common goal of ensuring that financial flows are consistent with low greenhouse gas emissions and climate-resilient development.”
Germany and Canada’s climate finance plan released last year ahead of COP 26 said developed countries were likely to be able to mobilize $100 billion a year only in 2023, a delay of three years. CAN policy co-ordinator (Europe) Rachel Simons cited progress reports, including that of the UN Framework Convention on Climate Change, as showing delayed progress in delivering the $100 billion. “…finance will be back on the agenda along with the decision on the post-2025 climate finance target.”
Fernanda Carvalho, head of climate and energy policy at the World Wide Fund For Nature International, said there was no credible path to the 1.5 degree C target that appeared to be at stake this time. “We will focus on a work program of mitigation that may help keep the 1.5 degree C target alive.”
Rachel Cleetus, policy director for climate and energy policy at the Union of Concerned Scientists, said the climate crisis is taking lives and livelihoods, destroying critical ecosystems and putting millions of people at risk of food and water shortages. “…deadly, devastating floods in Pakistan, Nigeria, prolonged drought in the Horn of Africa…there have been more than 15 extreme weather events in the US this year, each exceeding $1 billion in losses. Recent UN reports show we may not meet the 1.5 degree C target. Losses and damage are growing, as are adaptation needs.”
