Finally, COP27 puts climate compensation on agenda

SHARM EL-SHEIKH (EGYPT): Over 190 participating countries, including India, on the first day of the UN climate conference on Sunday agreed to include funding for loss and damage in the agenda for the COP27. It’s an important step towards working out a mechanism to support poor and vulnerable countries who have to face the impacts of climate change due to historical emissions of rich nations. “We have always been in support of bringing ‘loss and damage’ finance to the COP agenda. India will contribute effectively for devising a mechanism in the interest of developing countries,” said India’s environment minister Bhupender Yadav who is leading a team of 18 negotiators at the annual climate talks which was opened on Sunday with the key aim of ensuring full implementation of the Paris Agreement.
For more than a decade, wealthy nations have rejected official discussions on what is referred to as loss and damage, or funds they provide to help poor countries cope with the consequences of global warming. COP27 president Sameh Shoukry told the plenary the decision created “an institutionally stable space” for discussion of “the pressing issue of funding arrangements”. At COP26 last year in Glasgow, high-income nations blocked a proposal for a loss and damage financing body, instead supporting a threeyear dialogue for funding discussions. The loss and damage discussions now on the COP27 agenda will not guarantee compensation or necessarily acknowledge liability, but are intended to lead to aconclusive decision “no later than 2024”, Shoukry said.
Times atIt is believed that the loss and damage finance will be the most consequential negotiation topic at COP27 where the countries would try to institutionalise the facility to help people in poor and vulnerable countries recover from the impacts of the climate-change induced extreme weather events such as floods, drought, cyclones and rising of sea levels. The focus on addressing loss and damage means the discussion this year will go beyond mitigation and adaptation actions. Of course, the other critical issue of climate finance will remain on the table.
“India looks forward to substantial progress in the discussions related to climate finance. We also look forward to the introduction of new technologies, and new collaborations to facilitate technology transfers,” said Yadav while inaugurating the India pavilion which is showcasing LiFE (lifestyle for environment) as its theme in sync with the country’s stand on this issue. India is spearheading the Mission LiFE as a global mass movement that harnesses the power of individual and collective action across the world to address the climate crisis. It aims to resurrect the delicate balance between man and nature by encouraging a shift from mindless and wasteful consumption to mindful and deliberate utilisation to protect and preserve the environment.
Mission LiFE is designed to mobilise at least one billion Indians and other global citizens to take individual and collective action for protecting and preserving the environment in the period 2022 to 2027. Within India, at least 80% of all villages and urban local bodies are aimed to become environment-friendly by 2028.

Source link

Leave a Reply

Your email address will not be published.