Andrew Freedman
Next week’s COP27 climate meeting in Egypt is likely to feature intense clashes between industrialized nations and developing countries over climate damage costs.
Why it matters: Failure to move forward on a financing mechanism for what the UN calls “loss and damage” — compensation for vulnerable nations that are being hit hardest by climate changemight make for a failed summit.
The big picture: COP27 is supposed to be the “implementation summit,” where pledges on everything from reducing deforestation to boosting funding for adaptation, climate mitigation and cutting methane emissions are turned into actions.
The intrigue: Industrialized nations, including the U.S. and EU countries, plan to support the discussion of loss and damage in the wake of last year’s COP26 summit. However, they are skittish about committing to a specific way of paying for it.
Reality check: Loss and damage is sometimes referred to as “climate reparations,” and has been under debate in the UN climate talks since their start in the early 1990s.
The big question: Will countries feel more of an incentive to cooperate on climate at this summit, or less?
Between the lines: The clash may be bitter, given that western nations have fallen short on other funding commitments.
The bottom line: Still, COP27 is likely to wrestle with whether and how to operationalize the concept with a focus and determination that no COP has before it.
Courtesy: (Axios)
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