Is the white smoke getting closer? An agreement has been reached on the thorny issue of climate damage suffered by poor countries at the COP 27 climate conference from Sharm el-Sheikh, who plays extra time until at least this Saturday, announced a European source. This specific fund will be dedicated to these “losses and damages” and will “direct” the financial means towards the most vulnerable countries, indicated this source.
But this subject is only one of the aspects of the negotiations which have been taking place since the beginning of the week. More generally, the European Union prefers “rather no agreement than a bad agreement” overall, warned this Saturday morning the Vice-President of the Commission Frans Timmermans.
“We are worried about some of the things we have seen and heard over the past 12 hours,” he told reporters on Saturday morning, adding that the Europeans’ goal was to keep the global warming limit of 1.5°C, the most ambitious objective of the Paris agreement.
Earlier in the morning, a French government source had indicated that the EU was rejecting an “unacceptable” proposal from the Egyptian presidency. of COP 27 on climatewhich would call into question past commitments to reduce greenhouse gas emissions.
“At this stage, the Egyptian presidency calls into question the achievements of Paris and Glasgow on the reduction of emissions. This is unacceptable for France and the countries of the EU”, indicated the entourage of the French Minister for Energy Transition, Agnès Pannier-Runacher. The “vast majority” of countries find the proposals “balanced”, for its part indicated the Egyptian presidency.
Cornerstone of the fight against climate change, the Paris agreement of 2015 aims to limit global warming “significantly below 2°C” compared to the pre-industrial era, and if possible at 1.5°C. This ambition was reaffirmed at COP26 in Glasgow last year. “The problem is that the Egyptian presidency is trying to pass a text that would lift the obligations of states to regularly raise the targets for lowering emissions to reach 1.5 degrees”, it was explained in the entourage of the minister.