Thu. Mar 28th, 2024
COP27 SummitImage Credits: REUTERS/ Sayed Sheasha

States are struggling to arrive at a consensus, as the 27th edition of the United Nations Conference of Parties—climate talks in Egypt, which was scheduled to end on Friday, has been extended by a day.

The Minister of Climate Change for the Pacific Island of Vanuatu, Ralph Regenvanu, said, “We are out of time and we are out of money, and we are out of patience.”

“We must establish at this COP 27 a loss and damage finance facility,” he added.

The environment minister for India, Bhupendra Yadav, mentioned in a blog post on November 18th that “the COP was supposed to wrap up its work today but has been extended by a day to attempt to bring the ongoing negotiations to a logical end. Consensus is the key to several issues, and the extension is an attempt towards achieving it.”

While speaking about the decision, the European Union’s (EU) climate policy chief, Frans Timmermans, stated, “We need to move forward, not backward, and all (EU) ministers… are prepared to walk away if we do not have a result that does justice to what the world is waiting for, namely that we do something about this climate crisis.”

“We believe that a positive result today is still within reach. But we are worried about some of the things we have seen and heard over the last, let’s say, 12 hours.” “We’d rather have no decision than a bad decision,” he added. (Al Jazeera)

Additionally, European officials spoke about the issue of funding for poorer countries hit by climate disasters and discussed the proposals of the Group of 77 and China, pointing out that they limit the donor base for a fund to a bunch of rich states.

“I am still hopeful that we can reach an agreement on this, but then I do ask our partners to make sure that it is fair so that everybody who is in a position to contribute contributes,” Timmermans said.

Therefore, nations like the United States and the European Union were eager to expand the donor base for this new fund for “loss and damage,” including countries like China.

Current situation

Early Sunday morning at the 27th edition of the United Nations Conference of Parties (COP), parties agreed to set up a “loss and damage” fund to help developing nations bear the immediate costs of climate-fueled disasters. (The Economic Times)

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