EU member states have reiterated their commitments to the Paris Agreement ahead of next month’s UN climate summit, with a 2009 pledge to provide $100 billion in annual financial support to developing countries “to be met in 2023.” said he hopes.

The EU-27 Economy Ministers will meet on Tuesday (4 October), Adopted conclusion reiterate their commitment to provide international climate funding.

The statement stressed the need to “increase motivation and accelerate action” to address climate change and urged governments to “provide appropriate incentives to attract public and private investment.”

Ministers pledged to deliver on the 2009 pledge by rich countries to provide $100 billion annually to assist developing countries suffering the most from the impacts of climate change. never met before.

In a statement, ministers said they hoped “the target will be achieved in 2023.”

No “Loss and Damages” Commitment

An entire paragraph is also dedicated to the “need to intensify action” on “loss and damage” related to the adverse effects of climate change in the most vulnerable regions.

However, the statement avoided making any specific financial commitments, instead pledging support for continued dialogue to address the topic set at COP26 in Glasgow last year.

Commenting on the upcoming COP27 conference, Kate Levick, director of sustainable finance at think tank E3G, said:

“Despite the increasing large-scale and highly visible impacts of climate change on countries around the world. There is,” she explained.

And while there is much debate about “loss and damage”, in practice no agreement can be found on what form such a mechanism could take.

Last year, at the COP26 climate conference, the G77 bloc of developing countries proposed a loss and damage finance, the money large emitters have to pay to support vulnerable regions affected by climate-related disasters. proposed the creation of a facility.

However, wealthy regions such as the United States and the European Union were looking for alternative solutions that did not have to be seen as responsible for “climate compensation”, and past UN climate negotiations failed to achieve a compromise.

Instead, they proposed measures such as insurance schemes to shift some of the burden onto the private sector.

Last year’s COP26 also established the Glasgow Dialogue, which seeks to bring stakeholders together to find possible solutions to loss and damage.

But this says “endless talk shop. “The problem with existing political dialogue is that it is completely disconnected from the negotiations themselves,” commented E3G policy adviser Tom Evans.

in a recent letter To the EU’s climate chief Frans Timmermans, environmentalists stressed the lack of funding for relief, rehabilitation, reconstruction and resettlement activities.

According to the letter, the funds are not based on insurance and are “clearly inadequate and unfit for purpose given the current and future risks” or in the form of “loans that create an unsustainable debt burden.” must be provided in for developing countries”.

Meanwhile, European regions such as Scotland, the Walloon region of Belgium and, most recently, Denmark have taken action on their own, particularly with pledges of millions of euros dedicated to funding loss and damage.

E3G Senior Policy Advisor Maria Pastukhova said: “Northern countries need to really move forward with their political and financial proposals to support and accelerate the transition of the South.

“Over the past year, we have heard some numbers in various formats … but now these numbers need to be translated into concrete funding mechanisms and clarity or funding,” she said. rice field.

Egypt pushes ‘loss and damage’ to top of UN climate summit agenda

Egypt, which will host the COP27 climate summit, is grappling with how to include compensation for economic losses from climate disasters on the official agenda of the November summit amid mounting pressure from vulnerable countries to prioritize the issue.

[Edited by Frédéric Simon]

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