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Updated today at 20:35
An agreement was reached at the UN climate summit in Egypt to create a “loss and damage” fund to financially assist vulnerable countries in the fight against the climate crisis.
More than 130 developing countries, led by Pakistan, have fought hard for it. These countries produce a relatively small share of emissions, but are often on the front lines of climate disasters.
Oil-producing countries, on the other hand, have hampered efforts to agree on a phase-out of the use of fossil fuels.
UN Secretary-General Antonio Guterres has admitted the fund is essential, but it is not the answer if the climate crisis wipes a small island country off the map or turns an entire African country into a desert.
“Our planet is still in the emergency room. We need to drastically reduce emissions now – and that’s an issue this COP hasn’t addressed,” Guterres admitted.
The climate summit in Egypt lasted two days longer than expected because the discussions were difficult. More than 80 countries supported the proposal to phase out the use of fossil fuels, but a breakthrough could not be achieved, with the European Union even threatening to abandon the negotiations.
The Deputy Executive Director of the European Commission, Frans Timmermans, expressed his joy at the creation of the special fund, which will have more concrete outlines at a similar event next year.
However, since the previous Glasgow conference, no significant progress has been made in mitigating the effects of climate change, in particular by limiting carbon emissions.
Chilean Environment Minister Maisa Roja also deplored the lack of progress and ambition, calling it a major setback.
More than 600 fossil fuel industry lobbyists also attended the conference, prompting complaints from other delegates.
On the other hand, the Foreign Minister of Germany, Annaléna Burbock, has welcomed the decision not to abandon the previously set objective of not allowing an increase in the global average temperature of more than one and a half degrees. This is more important than thinking about overdue measures to mitigate the effects of climate change.
The results of the conference were met with a certain sense of relief by several climate activists.
Despite a deviation from the Glasgow course, a New Zealand representative welcomed the creation of a loss and damage fund.
On the other hand, the delegate from the African country of Chad added that at the next climate conference, to be held in the United Arab Emirates (UAE), it will be necessary to think more about real works.
The UAE is an oil-producing country and it is also unlikely that a deal will be reached to end the use of fossil fuels.
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