{"id":40424,"date":"2022-11-19T18:47:10","date_gmt":"2022-11-19T18:47:10","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/climate-fund-breakthrough-offers-hope-at-un-cop27-talks-says-eu"},"modified":"2022-11-19T19:23:08","modified_gmt":"2022-11-19T19:23:08","slug":"climate-fund-breakthrough-offers-hope-at-un-cop27-talks-says-eu","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/climate-fund-breakthrough-offers-hope-at-un-cop27-talks-says-eu","title":{"rendered":"Climate fund breakthrough offers &#8216;hope&#8217; at UN COP27 talks, says EU"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; South-Africa. <\/strong><\/span>As COP27 host Egypt scrambled to salvage UN climate talks Saturday, the European Union signalled a breakthrough over the contentious issue of &#8220;loss and damage&#8221; funding for climate vulnerable nations.<\/p>\n<p>Nearly 200 countries&#8217; representatives have gathered at the COP27 in Egypt for two weeks with the aim of driving forward action to fight climate change as the world faces a worsening onslaught of weather extremes.<\/p>\n<p>But the talks stalled over the terms under which wealthy polluters provide &#8220;loss and damage&#8221; funding for countries wracked by climate disasters, as well as over ratcheting up ambition in tackling global warming.<\/p>\n<p>After the European Union roundly rejected a document shown by Egypt overnight, a source from the bloc said at least the loss and damage issue was &#8220;agreed&#8221; as far as it was concerned.<\/p>\n<p>A European source confirmed:<\/p>\n<p>a deal has been reached on loss and damage which targets the fund to vulnerable countries.<\/p>\n<p>A draft document on creating a specific loss and damage fund was published by the Egyptian presidency on Saturday.<\/p>\n<p>It takes some language from three earlier proposals &#8212; from the EU, Britain and the G77 and China bloc of 134 developing nations &#8212; and appears to kick some of the thornier issues, particularly over the sources of funding, into next year.<\/p>\n<p>&#8220;The draft decision on loss and damage finance offers hope to the vulnerable people that they will get help to recover from climate disasters and rebuild their lives,&#8221; said Harjeet Singh, head of global political strategy at Climate Action Network International.Earlier, European Commission Vice President Frans Timmermans said the EU would &#8220;rather have no result than a bad result&#8221; and was willing to walk out of the negotiations altogether.<\/p>\n<p>The EU wants COP27 to have strong language on cutting emissions and to reaffirm the aspirational goal of limiting global warming to 1.5 degrees Celsius from pre-industrial levels.<\/p>\n<p>Scientists say this is a far safer guardrail against catastrophic climate impacts, with the world currently far off track and heading for around 2.5C of warming under current commitments and plans.<\/p>\n<p>&#8220;We are not here to produce papers, but to keep the 1.5C target alive,&#8221; said German Foreign Minister Annalena Baerbock.<\/p>\n<p>The Egyptian COP27 presidency also released a new draft final statement that states the need to accelerate &#8220;efforts towards the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies&#8221;.<\/p>\n<p>And another document was released specifically covering ambitions for curbing planet-heating emissions.<\/p>\n<p>On the need to be more ambitious in slowing the rise in global temperatures, Tom Evans of the think tank E3G said it is &#8220;a copy-paste&#8221; of the agreement made at Glasgow without building on the agreement made a year ago.<\/p>\n<p>Many developing countries see the creation of a loss and damage fund at this meeting as a defining issue of the talks.<\/p>\n<p>The G77 and China bloc called for the immediate creation of such a fund at COP27, with operational details to be agreed later.<\/p>\n<p>A counter proposal from the EU called to prioritise the most climate-vulnerable countries as recipients.<\/p>\n<p>They also said the money should come from a &#8220;broad funder base&#8221; &#8212; code for countries including China and Saudi Arabia that have become wealthier since they were listed as developing nations in 1992.<\/p>\n<p>Earlier, Timmermans warned that if not enough is done to slash emissions and keep 1.5C alive, &#8220;there is no amount of money on this planet that will be able to address the misery that will occur through natural disasters, etc, that we&#8217;re already seeing,&#8221; he said.<\/p>\n<p>Under the 2015 Paris Agreement, countries agreed to limit global warming to &#8220;well below&#8221; 2C and preferably 1.5C.<\/p>\n<p>This more ambitious 1.5C target was embraced last year in Glasgow, with countries agreeing to annually review their carbon reduction goals.<\/p>\n<p>With around 1.2C of warming so far, the world has seen a cascade of climate-driven extremes in recent months &#8212; from floods in Pakistan and Nigeria to heatwaves and droughts across the world.<\/p>\n<p>That has shone a spotlight on the plight of developing countries faced with escalating disasters, as well as an energy and food price crisis and ballooning debt.<\/p>\n<p>The World Bank has estimated the Pakistan floods alone caused $30 billion in damages and economic loss. Millions of people were displaced and two million homes destroyed.<\/p>\n<p>COP27 participants have criticised Egypt&#8217;s handling of the talks, which have gone far into overtime.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/south-africa\">South-Africa<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. As COP27 host Egypt scrambled to salvage UN climate talks Saturday, the European Union signalled a breakthrough over the contentious issue of &#8220;loss and damage&#8221; funding for climate vulnerable nations. Nearly 200 countries&#8217; representatives have gathered at the COP27 in Egypt for two weeks with the aim of driving forward action to [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":40423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12],"tags":[274,315,802,2400,275],"class_list":["post-40424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-climate-change","tag-cop27","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Climate fund breakthrough offers &#039;hope&#039; at UN COP27 talks, says EU - South Africa<\/title>\n<meta name=\"description\" content=\"As COP27 host Egypt scrambled to salvage UN climate talks Saturday, the European Union signalled a breakthrough over the ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/climate-fund-breakthrough-offers-hope-at-un-cop27-talks-says-eu\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Climate fund breakthrough offers &#039;hope&#039; 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