Eventually, COP27 talks went into two days of extended negotiations after the annual summit was over. The outcome was not less than historic as nearly 200 countries at Sharm-el-Sheikh agreed to set up the 'loss and damage' fund. Interestingly it was not even part of the original agenda, yet it was approved.
Once the final agreement was reached, UN Secretary-General António Guterres said: “This COP has taken an important step towards justice". He was referring to the creation of the fund wherein the developing world would be compensated for damage caused by climate change impacts. It also means the developed world has acknowledged its role in creating historical emissions leading to flash floods, unseasonal rains and droughts.
Countries vulnerable to climate change can utilize this money for mitigation and adaptation measures. They can build sea walls to keep the rising waters at bay or set up health centres with solar power in cyclone affected regions.
The fine details--how much money is to be committed and how will it be distributed--still have to be finalised. A series of workshops early next year will sort these questions out before COP28 takes place in Dubai, UAE.
There are other issues that need sorting out.
Developed countries want some of the rapidly-advancing developing nations to contribute to the fund. This is bound to set up a clash. Another issue is which countries will be eligible to receive funds.
Since the start of the industrial revolution, the US, the UK and Europe are believed to have emitted over 50 per cent of the global emissions. Scientists say that once the carbon is released, it remains in the atmosphere for at least 300 years, therefore, the extreme weather events we face today were caused by these historical emissions.
Till now India has contributed just three per cent and China about 11 per cent of the total emissions. However, as the two Asian giants pull tens of millions of people out of poverty, their emissions will continue to grow. The equity and growth that these nations seek for their people will have to come from transitioning to clean energy and moving skillfully into renewables. This will not only help them reduce energy import bills but also become energy secure.
Year 2022 thrust rather rudely into the face of people the harsh realities of climate change. Floods in large parts of Asia--China, India, Bangladesh and Pakistan; extreme heat in Europe--the UK, France and Spain as well as wildfires in Australia and the US brought home the reality of mass misery and helplessness.
The consensus over loss and damage has overshadowed the contentious issue of banning fossil fuels even though temperatures race towards unsustainable levels. The war in Ukraine and rising energy prices have forced countries to restart their nuclear reactors as well as fire up their thermal power plants as winters stare in the face.
As emissions continue to rise and countries become lax over the 2030 targets, the coming sessions of COP over the next few years will see more seriousness and, hopefully, consensus over reducing emissions faster.
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