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Dear readers,
The 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC) in Sharm El-Sheikh, Egypt, began November 7, 2022. While rich countries tried to delay loss and damage talks again, day five of the COP27 climate talks belonged to decarbonisation.
At the loss and damage negotiations, developed countries have formally acknowledged the funding gap in “addressing” loss and damage, but are now requesting more information on the needs, gaps and possible funding sources — a possible delaying tactic to prolong the discussions further.
The United States suggested establishing a work programme on loss and damage to conclude in 2024.
The EU stated that the process to be developed can feed back findings on various proposals such as the Global Shield, or the IMF’s fundings sources. The UK suggested establishing a process at COP27 to map out how funding arrangements can be made in the future, and review and report at COP28
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