COP27 climate summit in Egypt reached agreement on overtime loss and damage provision.
The summit agreed on a loss and damage fund that will ensure support for poor countries affected by climate change. This is what NTB writes.
Negotiations are still ongoing as to whether the final statement will be disclosed to VG.
The deal comes nearly two days of overtime in Egypt.
For more than two weeks, nearly 200 countries of the world have been negotiating new climate measures at the COP-27 climate summit in the Egyptian city of Sharm el-Sheik.
The conference had to go on an extraordinary day as the participating countries were still far from having an agreement in place.
Saturday afternoon, however, the holidays had an important one breakthrough – agreed to set up a fund for countries particularly affected by climate change.
These topics were prominent at this year’s climate summit:
- Money to finance climate adaptation and emission reductions, as well as compensate countries particularly affected by climate change.
- Measures to reach the target of 1.5 degreeswhich assumes that global warming should preferably not exceed 1.5 degrees Celsius compared to pre-industrial times by 2100.
- Phase-out of fossil energy sources. This was also a very hot topic during the previous COP conference in Glasgow.
The so-called 1.5 degree target has been in place in the Paris Agreement since 2015. Scientists have estimated that warming of more than 1.5 degrees will lead serious consequences for humans and animal life on the planet.
If global climate policy takes its current course, the world is on track to become 2.8 degrees warmer early next century, according to the annual report of the United Nations Environment Programme.
Climate change can already be felt in large parts of the world, and even this summer droughts, heatwaves, floods and extreme weather conditions that have surprised several researchers.
Here you can read more on the stakes at this year’s climate summit.
Few have tightened climate goals
A draft agreement it was also presented at Thursday’s conference, but was not adopted by the participating countries.
The proposal echoed, inter alia, the formulation on the phasing out of coal power from the previous COP conference in Glasgow, but said nothing similar about oil and gas. This has long been a controversial topic at climate summits.
During the previous conference in Glasgow, countries also agreed to reconsider their climate goals. Last month had however, only 23 of the 193 countries presented new and tougher targets for their climate cuts.
Three days before the start of the summit, the Norwegian government announced that it had done so strengthened his promise – from the previous emission reduction target of 50-55 per cent to “at least 55 per cent”.
NB! The target that the Norwegian government has registered is “in cooperation with the EU”. This means that, in theory, it is possible for Norway not to accept cuts at home, but to pay other countries for climate cuts or lean on the EU. The government has said the aim is to bring the cuts nationwide.
