On the eve of the closing, the countries block on the finances

Negotiations come to a halt one day before the scheduled end of the climate conference. United Nations Secretary General Antonio Guterres, however, called on the countries gathered at COP27 on Thursday to find “an ambitious and credible agreement” on compensation for the devastation caused by climate change, a hot topic. “The most effective way to rebuild trust is to find an ambitious and credible agreement on loss and damage and financial support for developing countries,” he said in Egypt, on his return from the G20 in Bali. “We need action,” he said.

“To delay climate justice would be a denial of justice”, hammered for his part the Pakistani Minister of Climate Change, Sherry Rehman, on behalf of the powerful negotiating group G77 + China, which tabled a draft resolution on the immediate creation of a financial facility dedicated to these “losses and damages”. “We want at the bare minimum a political statement of intent,” she said at a joint press conference with representatives of other groups of developing countries, Least Developed Countries (LDCs), small island states ( Aosis) and Independent Alliance of Latin America and the Caribbean (Ailac). However, she ruled out that these groups would slam the door of the talks, saying it would be “premature”.

“Loss and damage is a vicious cycle that must be broken. The place to do it is here. The time to do it is now, at this COP27”, insisted on behalf of the LDCs the Senegalese Minister of the Environment Alioune Ndoye. The United States and the European Union are however very reluctant, but the EU played the opening on Wednesday by announcing more than one billion euros in funding for adaptation in Africa, including 60 million for losses and damage.

Extremely devastating events

The subject of loss and damage is made even more sensitive by the multiplication of devastating extreme events, illustrated by the procession of floods, droughts or giant fires in the current year. Poor countries, often on the front line, are the least responsible for global warming and they are now demanding a specific financial mechanism for this damage, to which the rich are very reluctant.

Financial discussions are taking place in a context of great mistrust, the rich countries having never met a commitment of 2009 to increase to 100 billion dollars per year the financing of adaptation to climate change and the reduction of gas emissions greenhouse for developing countries.

The sums currently on the table for these various sectors are derisory compared to the estimated needs, which are generally estimated in the trillions. The Presidency of the Egyptian COP, for its part, has circulated a working document for a final declaration which does not mention anything concrete on contentious financial issues.

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