(Paris) Countries of the north and the south reached a fragile compromise on Saturday on the contours of the future fund on climate “loss and damage” for vulnerable countries, paving the way for an agreement at COP28 in Dubai on this crucial issue for the success of the summit.
The adoption in principle of this fund was considered the major result of COP27 in Egypt last year, and discussions on its implementation (operation, donors, beneficiaries, etc.) were entrusted to a transition committee. .
Saturday evening, a fifth and final meeting of this committee concluded with the adoption of a text of recommendations, despite the reservations of the United States and several developing countries during a plenary session broadcast online, noted the AFP.
The text proposes establishing the fund temporarily, for four years, within the World Bank, which was initially forcefully refused by developing countries, who accuse the institution of being in Western hands and unsuitable for their needs.
“It is now imperative that we quickly activate and capitalize the fund”, because “the world does not need an empty bank account” but “an operational fund that can really make a difference”, declared the president Emirati of COP28, Sultan Al Jaber, in a message read to delegates at the end of the meeting.
The text of recommendations still needs to be finalized and approved by countries around the world at the 28e United Nations climate conference in Dubai (November 30-December 12).
“Dark Day”
And the debates at COP28 still promise to be heated: “Although we have accepted the text, it falls short of many requests from developing countries, starting with the scale of the fund, the sources of financing, etc.”, Egyptian delegate Mohamed Nasr said during the meeting.
“The recommendations are weak because they do not mention the size of the fund nor a clear capitalization plan,” Harjeet Singh, of the NGO Climate Action Network, told AFP, deploring “a dark day for climate justice”.
“In addition, the United States is pushing for membership to be voluntary for developed countries,” he added, while delegates from southern countries defended a mandatory contribution, by virtue of the overriding historical responsibility countries rich in greenhouse gas emissions causing global warming.
Under this historic responsibility, established by the United Nations Convention on Combating Climate Change, developed countries have pledged $100 billion in annual aid to developing countries.
But their failure to date to honor this promise has become a major cause of tension in the climate negotiations, raising fears of a limited contribution from rich countries to the new fund.
“It is essential that this fund can receive financial contributions from the widest possible range of sources, including innovative sources such as carbon markets, international taxation mechanisms and others,” a spokesperson told AFP on Saturday. – State Department spokesperson.
This argument from the United States, shared by the European Union, is part of an increasingly lively debate on the need to expand sources of financing for adaptation to climate change and the energy transition of southern countries. , whose estimated needs amount to thousands of billions of dollars, 100 times greater than the public aid of the northern countries.