rich countries will pay the damages of climate change to poor countries

Anyways The creation of the fund, described as historic, was unanimously approved at the plenary meeting that ended the climate conference in Egypt. and received loud applause from all representatives in the stands.

Delegates agreed establish financing mechanisms for loss and damage In the first minutes of a meeting called after 4:00 am in Sharm el-Sheikh, Egypt, they continued to discuss other issues, such as moving away from fuels and controlling greenhouse gas emissions.

As reflected in the text, countries agreed on the “urgent need”. provide “new, additional, predictable and adequate” financial resources to assist developing countries vulnerable to the “economic and non-economic” impacts of climate change.

In this sense, it is referred to: Forced displacement and its impact on cultural heritage, mobility and lifeunderlines the importance of providing an “effective and adequate” response to loss and damage, as well as communities’ livelihoods.

Countries have agreed that countries emitting the most emissions, such as China and India, can also contribute to the fund.. With the goal of limiting global temperature rise to 1.5ºC about to drop, that was exactly one of the aspects that would blow up the summit Saturday morning. These issues were marked as red lines for the European Union, which announced on Saturday morning that it wanted to leave Egypt without a deal as it would not be “accomplice” in a bad deal.*

Again, Many details need to be specified, such as the amount allocated to this fund. and how to compensate for the damage and loss caused.

The decision finally came three decades after Vanuatu requested an insurance fund for its island nations from rising sea levels.

Another innovation, this time in terms of the ocean, Sharm El Sheikh Agreement Agreed that from 2023, it will be responsible for deciding on ocean-related issues to carry out the dialogue in consultation with the parties and observers, and will be guided by two co-facilitators elected every two years by the parties. Topics to take to the top.

Agreed in last minute talks Addressing the growing number of victims as a result of climate change in developing countries which did not contribute or contributed less to harmful emissions.

on his behalf, he António Guterres, Secretary-General of the United Nations, He celebrated the endorsement of this fund, which creates “a political symbol for rebuilding lost trust”, but lamented that “it is clear this will not be enough”.

After assessing that this summit is an “important step towards justice”, he said, “The voice of those bordering on the climate crisis should be heard. The United Nations will support these efforts at every step.”

PROGRESS

Loss and damage agreement is a milestone in global climate policy: Recognition that richer nations are responsible to the developing world for damage caused by rising temperatures.

However, the contentious summit, which took place against the backdrop of a global energy crisis caused by the Russian invasion of Ukraine, serious disagreements about how the world should make the transition away from fossil fuels, and fell short of advancing previous COP targets to control harmful greenhouse gas emissions.

The result, supported by nearly 200 countries in the early hours of Sunday, was a disappointment for the European Union, which began on Saturday with threats to withdraw if the text did not strengthen the EU’s ambition. Reducing carbon emissions. Despite some minor changes, it largely reiterated the language at last year’s Glasgow meeting, with no broader commitment to phase out fossil fuels instead of coal alone, or a goal of reducing global emissions by 2025.

And that’s what’s included in the proposals The abatement division – reducing greenhouse gas emissions – has not produced significant changes since the Glasgow Pact.The agreement, which concluded the last COP26 climate summit in the Scottish city, was criticized by environmental organizations and also by Spanish Minister for the Ecological Transition, Teresa Ribera, in her statements to the media.

this Sharm el-Sheikh Implementation Plan It urges countries to gradually reduce electricity generation from coal – at power plants without carbon capture technologies – and to phase out inefficient subsidies to fossil fuels, a demand already set out in the Glasgow text.

It also recognizes the implementation of the Santiago Network, a technical assistance program to minimize losses and damage from the adverse effects of climate change, a fund-raising system that will direct assistance to climate repairs in the most affected countries.