Bermuda Post

Monday, Feb 26, 2024

Rich, Developing Nations Face Divide Over Fund To Slow Global Warming

Rich, Developing Nations Face Divide Over Fund To Slow Global Warming

COP27: The standoff comes with wealthy nations pressed into acknowledging the need to compensate emerging economies for accelerating climate change, and as total funding needs appear poised to run into trillions, rather than billions, of dollars.
COP27 entered its final week Monday with rich carbon polluters and developing nations at loggerheads over how to speed up and fund reductions in emissions to slow global warming.

The standoff comes with wealthy nations pressed into acknowledging the need to compensate emerging economies for accelerating climate change, and as total funding needs appear poised to run into trillions, rather than billions, of dollars.

"There is still a lot of work ahead of us," Egyptian Foreign Minister and COP27 president Sameh Shoukry said at the UN climate talks in the Red Sea resort of Sharm el-Sheikh.

He said countries were still split on key issues as ministers join the talks this week to seek a consensus before the summit is scheduled to end on Friday.

COP27 participants were watching for signals from the first face-to-face meeting between US President Joe Biden and Chinese leader Xi Jinping -- representing the world's top two polluting nations -- at the G20 summit in Indonesia.

The White House said following the bilateral talks that the United States and China will resume climate cooperation, which Beijing had halted in anger after US House Speaker Nancy Pelosi visited Taiwan in August.

"The two leaders agreed to empower key senior officials to maintain communication and deepen constructive efforts on these and other issues," the White House said.

Ani Dasgupta, president of the research non-profit World Resources Institute, said the global community was "breathing a sigh of relief".

"There is simply no time left for geopolitical fault lines to tear the United States and China away from the climate negotiation table."

'No consensus' on 1.5

Negotiators in Egypt are also eagerly waiting to see what climate message may appear in the final communique of the G20 meeting on the Indonesian resort island of Bali.

At last year's UN climate summit in Glasgow, nearly 200 countries vowed to "keep alive" the Paris Agreement's aspirational goal of capping global warming at 1.5 degrees Celsius above pre-industrial levels.

"Confirming the 1.5C goal in Bali would make our lives easier," a senior negotiator at COP27 said.

Nearly 1.2 degrees of warming on average so far has seen a cascade of increasingly severe climate disasters, such as the flooding that left a third of Pakistan under water this summer, claiming at least 1,700 lives.

The Glasgow Pact urged nations to ramp up their commitments to reduce greenhouse gas emissions ahead of COP27, but only around 30 nations have obliged.

This leaves the world on track to heat up by about 2.5 degrees by the end of the century -- enough, scientists say, to trigger dangerous climate tipping points.

In Bali, UN chief Antonio Guterres said he would make a "strong appeal" to G20 countries, which account for 80 percent of emissions, to "have a common plan to reach net zero (emissions) globally by 2050".

China and India have called the 1.5-degree goal into question, with Beijing pointing out that the binding target agreed in Paris was "well below" two degrees.

The more ambitious 1.5 target is non-binding, but science shows it is a far safer global threshold.

Switzerland, on behalf of a six-nation group that includes Mexico and South Korea, proposed to introduce an item on the official COP27 agenda to reinforce the goal of "limiting global warming to 1.5C".

"It's mostly about securing a space for commitments on 1.5C," said a delegate who spoke on condition of anonymity.

Developed countries backed the proposal, but China and groups of developing nations rejected it over concerns that it would imply renegotiating the Paris Agreement, several delegates said.

"Basically there is no consensus," a Chinese delegate told AFP.

 Money talks

For developing countries, the priority at COP27 is for wealthy nations to make good on pledges to provide $100 billion a year in aid for poorer countries to green their economies and build resilience against future impacts.

There are also deep divisions over calls to create a "loss and damage" fund through which rich polluters would compensate developing nations for the destruction caused by climate-induced natural disasters.

Wealthy nations fearful of creating an open-ended liability regime agreed only this year to include this touchy topic on the formal agenda.

Developing nations are calling for the creation of a separate facility, but the United States and the European Union -- while not precluding such an outcome -- have said they favour using existing financial channels.

On Monday, the Group of 7 developed countries and nearly 60 nations most vulnerable to climate change launched a scheme aimed at providing financial support for communities battered by climate disasters, with more than $200 million of initial funding.

Kenneth Ofori-Atta, Ghana's finance minister and chair of the V20 group of nations most vulnerable to the effects of climate change, said the scheme "is long overdue".
Newsletter

Related Articles

Bermuda Post
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
'I just lost it' Lowe’s worker fired after 13 years of employment for confronting thieves trying to steal $2K of merchandise
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
×