Index Investing News
Saturday, May 23, 2026
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Climate damage fund for poor nations approved at COP27 — but no deal on emissions reduction

by Index Investing News
November 20, 2022
in World
Reading Time: 5 mins read
A A
0
Home World
Share on FacebookShare on Twitter


Countries adopted a hard-fought final agreement at the COP27 climate summit early on Sunday that sets up a fund to help poor countries being battered by climate disasters — but does not boost efforts to tackle the emissions causing them.

After tense negotiations that ran through the night, the Egyptian COP27 presidency released the final text for a deal and simultaneously called a plenary session to quickly gavel it through.

The swift approval for creating a dedicated loss and damage fund still left many of the most controversial decisions on the fund until next year, including who should pay into it.

Negotiators made no objections as COP27 President Sameh Shoukry rattled through the final agenda items. And by the time dawn broke over the summit venue in the Egyptian resort of Sharm el-Sheikh on Sunday, the deal was done.

‘You take a win when you can’

Despite having no agreement for tougher emissions reductions, “we went with what the agreement was here because we want to stand with the most vulnerable,” said Germany’s climate secretary Jennifer Morgan, visibly upset.

Delegates praised the breakthrough on setting up the fund as climate justice, for its aim in helping vulnerable countries cope with storms, floods and other disasters being fuelled by rich nations’ historic carbon emissions.

Ministers deliver statements during the closing plenary at COP27 early on Sunday. (Mohamed Abd El Ghany/Reuters)

When asked by Reuters whether the goal of stronger climate-fighting ambition had been compromised for the deal, Mexico’s chief climate negotiator Camila Zepeda summed up the mood among exhausted negotiators.

“Probably. You take a win when you can.”

Fossil fuel fizzle

The two-week summit has been seen as a test of global resolve to fight climate change — even as a war in Europe, energy market turmoil and rampant consumer inflation distract international attention.

Billed as the “African COP,” the summit in Egypt had promised to highlight the plight of poor countries facing the most severe consequences from global warming caused mainly by wealthy, industrialized nations.

The United States also supported the loss and damage provision, but climate envoy John Kerry did not attend the session after testing positive for COVID-19 this week.

Negotiators from the European Union and other countries had said earlier that they were worried about efforts to block measures to strengthen last year’s Glasgow Climate Pact.

“It is more than frustrating to see overdue steps on mitigation and the phase-out of fossil energies being stonewalled by a number of large emitters and oil producers,” German Foreign Minister Annalena Baerbock said in a statement.

In line with earlier iterations, the approved deal did not contain a reference requested by India and some other delegations to phasing down use of “all fossil fuels.”

EU official says deal ‘not enough’

It instead called on countries to take steps toward “the phase-down of unabated coal power and phase-out of inefficient fossil fuel subsidies,” as agreed at the COP26 Glasgow summit.

“Too many parties are not ready to make more progress today in the fight against climate crisis,” EU climate policy chief Frans Timmermans said, describing the deal as “not enough of a step forward for people and planet.”

The text also included a reference to “low-emissions energy,” raising concern among some that it opened the door to the growing use of natural gas — a fossil fuel that leads to both carbon dioxide and methane emissions.

Youth activists hold signs encouraging world leaders to maintain policies that limit warming to 1.5 C since pre-industrial times and provide reparations for loss and damage, at the COP27 United Nations Climate Summit in Sharm el-Sheikh, Egypt, on Saturday. (Nariman El-Mofty/The Associated Press)

“It does not break with Glasgow completely, but it doesn’t raise ambition at all,” Norway Climate Minister Espen Barth Eide told reporters.

Small island nations facing a climate-driven rise in sea level had pushed for the loss and damage deal, but lamented the lack of ambition on curbing emissions.

“I recognize the progress we made in COP27” in terms of establishing the fund, the Maldives climate minister, Aminath Shauna, told the plenary. But “we have failed on mitigation … We have to ensure that we increase ambition to peak emissions by 2025. We have to phase out fossil fuel.”

The climate envoy from the Marshall Islands said she was “worn out” but happy with the fund’s approval.

“So many people all this week told us we wouldn’t get it. So glad they were wrong,” Kathy Jetnil-Kijiner said by email. Still, “I wish we got fossil fuel phase-out. The current text is not enough.”

WATCH | Youth voice climate concerns at COP27. Are world leaders listening? 

Youth voice climate concerns at COP27. Are world leaders listening?

For the first time the COP27 climate conference has an official youth pavilion where young people from around the world can hold discussions and question world leaders. But there are concerns policymakers may not be listening.



Source link

Tags: approvedClimateCOP27damagedealEmissionsfundNationspoorreduction
ShareTweetShareShare
Previous Post

AG Garland is the great pretender for his Trump special counsel appointment

Next Post

Released talent reportedly present at AEW Full Gear 2022

Related Posts

U.S. F-16s hold the line in the Gulf after Iran campaign ends

U.S. F-16s hold the line in the Gulf after Iran campaign ends

by Index Investing News
May 23, 2026
0

Key PointsU.S. Air Force F-16s conducted patrols in the CENTCOM area of responsibility on May 14, 2026, carrying mixed air-to-ground...

Pakistan sentences man to death for killing TikTok star Sana Yousaf | Gender Equity News

Pakistan sentences man to death for killing TikTok star Sana Yousaf | Gender Equity News

by Index Investing News
May 19, 2026
0

The verdict against Umar Hayat who killed a teenage influencer in her home ‘is for the entire society’, her father...

Oklahoma sues Roblox, AG claims online game ‘exploited minors’

Oklahoma sues Roblox, AG claims online game ‘exploited minors’

by Index Investing News
May 15, 2026
0

Oklahoma became the 12th U.S. state to sue Roblox on Thursday. WASHINGTON — The Oklahoma attorney general announced he was...

Prosecutors cite terrorist intent in bomb attack on headquarters of Dutch ruling party

Prosecutors cite terrorist intent in bomb attack on headquarters of Dutch ruling party

by Index Investing News
May 11, 2026
0

THE HAGUE, Netherlands -- A 37-year-old man accused of a bomb attack on the Dutch premier’s party headquarters is suspected...

Australian women, children linked to ISIS return from Syria

Australian women, children linked to ISIS return from Syria

by Index Investing News
May 7, 2026
0

Listen to this articleEstimated 4 minutesThe audio version of this article is generated by AI-based technology. Mispronunciations can occur. We...

Next Post
Released talent reportedly present at AEW Full Gear 2022

Released talent reportedly present at AEW Full Gear 2022

COP27: The good and bad news after the latest UN climate change talks

COP27: The good and bad news after the latest UN climate change talks

RECOMMENDED

Hrithik Roshan Talks ‘Vikram Vedha’ & His Desire To “Break The Rules” – Deadline

Hrithik Roshan Talks ‘Vikram Vedha’ & His Desire To “Break The Rules” – Deadline

January 21, 2023
The High 24 Most-Learn Inman Actual Property Information Tales Of 2024

The High 24 Most-Learn Inman Actual Property Information Tales Of 2024

December 29, 2024
Teaser Trailer for ‘The Mountain’ – New Zealand Coming-of-Age Film

Teaser Trailer for ‘The Mountain’ – New Zealand Coming-of-Age Film

January 19, 2024
Intel falls, American Express climbs By Investing.com

Intel falls, American Express climbs By Investing.com

January 26, 2024
I Used To Think This Was Cheesy And Manipulative, BUT:

I Used To Think This Was Cheesy And Manipulative, BUT:

April 1, 2026
Brit, 29, stabbed girlfriend’s secret lover within the chest with 7in blade after being caught in her mattress in Majorca

Brit, 29, stabbed girlfriend’s secret lover within the chest with 7in blade after being caught in her mattress in Majorca

September 20, 2024
Cristian Romero was a “rock” in Chelsea win

Cristian Romero was a “rock” in Chelsea win

February 26, 2023
Firefighters battle to include McKinney wildfire, California’s largest this 12 months

Firefighters battle to include McKinney wildfire, California’s largest this 12 months

August 1, 2022
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In