The COP27 climate talks in Egypt, which came close to collapse in the closing stretches, ended with an early-hours deal to create a fund to pay poorer countries for the harm caused by climate change.
The agreement on loss and damage is a landmark moment in global climate politics – an acknowledgment that richer nations are responsible to the developing world for the harm caused by rising temperatures.
But the fractious summit, which took place against the background of a global energy crisis sparked by Russia’s invasion of Ukraine, exposed fault lines on how the world should navigate the transition away from fossil fuels. And it did little to advance the ambitions of last year’s COP in Glasgow to rein in harmful greenhouse gas emissions.
“While progress on loss and damage was encouraging, it is disappointing that the decision mostly copy and pasted language from Glasgow about curbing emissions, rather than taking any significant new steps,” said Ani Dasgupta, chief executive officer at the World Resources Institute.
“It is mind-boggling that countries did not muster the courage to call for phasing down fossil fuels, which are the biggest driver of climate change.”
Final agreement came after 9 a.m. local time following a marathon final session that went through the night.
The closing day of COP27 started with a threat from the European Union to walk out if the text didn’t strengthen ambition to reduce carbon dioxide emissions and in the end there was no blanket pledge to phase down all fossil fuels and no target to see global emissions fall by 2025.
Still, the agreement on loss and damage is a breakthrough, even if it’s not clear how a fund will be financed or structured.
It came after a flurry of last-minute negotiations at COP27 over how to address the increasing toll climate change is exacting from developing nations that have contributed little of the greenhouse gas emissions driving the phenomenon.
The issue took on new urgency following monsoon flooding this summer in Pakistan that left more than 1,700 dead and caused at least $30bn in losses.
Historic COP27 agreement
Just getting the issue on the formal negotiating agenda was seen as a milestone. Even then, it appeared unlikely that COP27 talks would result in a new loss and damage fund.
“A mission thirty years in the making has been accomplished,” said Antigua and Barbuda Minister and chair of the AOSIS group of small island nations Molwyn Joseph.
“Our Ministers and negotiators have endured sleepless nights and endless days in an intense series of negotiations, but after the pain comes the progress.”
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