There are only 40 days left before the next global climate conference, COP27, with the annual meeting due to be held in Sharm-El-Sheikh, Egypt, in November. In spite of this, the road ahead still seems long. During an online press conference on Wednesday, September 28, Ambassador Wael Aboulmagd – special representative of this year's Egyptian COP presidency – said that this year's conference "will have to be the one about implementation, in order to move from promises to actions." It's a difficult task in a tense geopolitical agenda, between the war in Ukraine, the energy and food crises, galloping inflation and the continued Covid-19 pandemic.
Recalling the "huge gaps" still existing between countries' climate actions and requirements for complying with the Paris Agreement, Mr. Aboulmagd outlined the expectations of the summit's host: accelerating the reduction of greenhouse gas emissions, doubling the funding dedicated to climate change adaptation and, above all, addressing the crucial issue of loss and damage – irreversible damage caused by the climate crisis. "We need to find a creative and acceptable way of financially assisting countries who are suffering and seeing a share of their GDP weighed down by these effects," he said. He maintained that the presidency was "relatively optimistic," after recent progress.
The question of who should pay for the catastrophic impact of hurricanes, floods and forest fires has taken center stage in climate negotiations in recent months. The issue has triggered discontent among developing countries – the most affected but also the least responsible for global warming – who are demanding the creation of a new financing mechanism. This request is opposed by Western countries, particularly the United States and the European Union.
'A strong political symbol'
The United Nations General Assembly – held from September 20 to 27 in New York – made some progress on this issue. Denmark agreed to allocate a specific financial budget ($13 million or €13.4 million euros) for loss and damage, a first of its kind for a country. "A taboo has been broken. This is a strong political symbol a month and a half before COP27," said Aurore Mathieu, head of international policies at the Climate Action Network. "It shows that rich countries can face up to their responsibilities."
The General Assembly also gave rise to proposals for reforming a financial system that is increasingly seen as inadequate to deal with the climate crisis, particularly around the needs of developing countries. Barbados Prime Minister Mia Mottley, who wants to reform the International Monetary Fund (IMF) and the World Bank, called for a "new internationalism." In particular, she proposes that part of the $650 billion in special drawing rights injected by the IMF into the world economy in 2021 to help countries recover from the Covid-19 pandemic be redistributed to countries affected by climate disasters. This desire for reform is supported by a growing coalition of states and by the American special presidential envoy for climate, John Kerry.
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