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Historic ‘Loss and Damage’ Fund Adopted at COP27

    Historic ‘Loss and Damage’ Fund Adopted at COP27
    Last updated: 1 week ago
    Image credit: AP [via Al Jazeera]

    Facts

    • After days of intense negotiations that stretched into the early morning on Sunday, countries at the UN COP27 climate summit in Egypt agreed to establish a compensation fund for developing nations suffering from climate change impacts. [1]
    • The agreement serves as a victory for developing nations that have fought for decades for compensation for "loss and damage" from extreme weather events said to be the result of greenhouse emissions from wealthy countries. [2]
    • Pakistan's climate minister, Sherry Rehman, stated that COP27 had "responded to the voices of the vulnerable, the damaged and the lost of the whole world." She affirmed, "We have struggled for 30 years on this path, and today in Sharm el-Sheikh this journey has achieved its first positive milestone." [3]
    • The funding for "loss and damage" is still vague. Pledges for the fund are proportionally quite small, as loss and damage from climate change could potentially cost developing countries $290B to $580B annually by 2030. [4]
    • Further details about the plan will likely be refined at the next climate conference to take place in the UAE in November 2023. [5]
    • Many diplomats and activists at the summit praised the compensation fund. Others worried that nations’ reluctance to adopt more ambitious climate plans to save the +1.5°C goal set in the 2015 Paris Agreement has left the planet on a dangerous warming path. [6]
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    Spin

    Pro-establishment narrative

    This is a landmark deal. The "loss and damage" fund aims at helping countries that are particularly vulnerable to climate change. For the first time, COP has listened to the voices of those on the frontline of the climate crisis. It's not enough, but it will help lead the way for the future and take the necessary first steps toward justice.

    Establishment-critical narrative

    COP27 failed. Shortsighted political leaders and a sense of apathy have delayed necessary action toward the most ambitious goals set in the Paris Agreement. It's now inevitable the world will surpass what scientists consider a safe warming threshold. Because of the failure in Sharm el-Sheikh, the only questions now are how much the Earth will warm and how many people will suffer.

    Narrative C

    While climate change is an urgent issue, journalists and activists have an obligation to separate the facts from fiction and describe environmental problems honestly and accurately. The catastrophic framing of climate change does far more harm than good, not only by impacting mental health, but by alienating and polarizing large portions of the population and distracting from other important issues. Climate alarmism must be taken with a grain of salt.

    Nerd narrative

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

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