On the last day of the conference, the countries block the finances

The negotiations end one day before the planned end of the climate conference. However, United Nations Secretary-General Antonio Guterres on Thursday urged the countries gathered at COP27 to find “an ambitious and credible agreement” on compensation for the damage caused by climate change, a hot topic. “The most effective way to restore confidence is to find an ambitious and credible deal on loss and damage and financial support for developing countries,” he said in Egypt after returning from the G20 Bali summit. “We need action,” he said.

“To delay climate justice would be a denial of justice,” for his part, Pakistani climate minister Sherry Rehman pounded on behalf of the powerful G77+China negotiating group, which is introducing a draft resolution to immediately create a Treasury body dedicated to these “losses and damages.” “We want a political statement of intent as a bare minimum,” she said at a joint press conference with representatives from other groups of developing countries, the least developed countries (LDCs), small island states (Aosis) and the Independent Alliance of Latin America the Caribbean (Ailac). However, she ruled out that these groups would slam the door on the talks, saying it was “premature”.

“Loss and damage is a vicious cycle that needs to be broken. The place for it is here. The time is now at this COP27,” Senegalese Environment Minister Alioune Ndoye stressed on behalf of the LDCs. However, the United States and the European Union are very reluctant, but the EU kicked things off on Wednesday by announcing more than €1 billion in funding for adaptation in Africa, including €60 million for losses and damages.

Extremely devastating events

The issue of damage is becoming even more sensitive due to the multiplication of devastating extreme events, as illustrated in the current year by the succession of floods, droughts and major fires. Poor countries, often on the front lines, are the least responsible for global warming and they are now calling for a specific financial mechanism to deal with this damage, while the rich are very reluctant.

Financial discussions are taking place in a context of great mistrust, as rich countries have never met their 2009 commitment to increase funding for developing countries to adapt to climate change and reduce greenhouse gas emissions to $100 billion a year.

The sums currently on the table for these various sectors are ridiculous compared to the estimated needs, which are generally estimated at trillions. For its part, the Egyptian COP Presidency has circulated a working document for a final declaration that does not contain anything specific on contentious financial issues.

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