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COP27: Negotiations Stalled on "Loss and Damage" Fund

    COP27: Negotiations Stalled on "Loss and Damage" Fund
    Last updated: 1 week ago
    Image credit: AP [via The Guardian]

    Facts

    • COP27 is expected to last beyond its Friday deadline and into the weekend as negotiations between rich and poor nations over a reparations fund remain undecided. The latest version of the framework released on Friday has been criticized for being lengthy, unclear, and vague. [1]
    • The agreement doesn't provide or propose a solution to the controversial issue of "loss and damage." The framework would provide a financial arrangement aimed at compensating developing nations that are suffering from climate change impacts. [2]
    • Wealthier nations have delayed the agreement, questioning if it is necessary, and if so, how it will be administered. The proposal released Friday, launched on behalf of the EU, is said to have considered the concerns of the G77 — a group of developing countries who would be the targeted group to receive funding. [3]
    • At COP26, Scotland was the only participant to commit $2.2M to the "loss and damage" fund. This year, the fund was placed on the agenda with support from nations like Barbados. Barbados PM Mia Motley described this as "a significant achievement, and one that we have been fighting for many years...we have a moral and just cause." [4]
    • Germany's Foreign Minister Annalena Baerboock praised the EU-drafted framework, stating, "we're making it clear that Europe is on the side of the most vulnerable states." [1]
    • Wealthy nations are said to have been responsible for emitting half of the planet-warming gasses since 1850, and have generally avoided committing to helping poorer nations recover from climate-related disasters over fears of unlimited liability. [4]
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    Spin

    Pro-establishment narrative

    Climate change and the subsequent impacts are a global problem. The solution will undoubtedly have to be a global fix that requires every nation, rich and poor, to change its behaviors to mitigate risks. Will it be expensive? Absolutely. But the cost of inaction is greater in terms of the loss of life, the loss of tangible items, and the sustainability of humanity. The solution is something the entire international community should get behind.

    Establishment-critical narrative

    Not only are the wealthy countries the cause of the worst impacts brought by climate change but they also refuse to support those that need it the most financially. The EU is putting more onus on India and China in this draft, with the intent of causing rifts among developing nations. The most impoverished countries have every right to be frustrated with these machinations and delays.

    Nerd narrative

    There is a 50% chance that the average global temperature in 2100 will be 2.54C higher than the average global temperature in 1880, according to the Metaculus prediction community.

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