Climate Fund Talks Collapse: Setback for COP28 Summit in Dubai
The extended three-day talks witnessed a clash between affluent nations and developing economies, setting the stage for a challenging UN COP28 climate summit next month in Dubai.
The creation of a "loss and damage fund" was a significant highlight during the last COP27 UN climate summit in Egypt, where leaders from developing nations celebrated the plan to assist "particularly vulnerable" countries.
However, after nearly a year of arduous negotiations between countries regarding the fund's funding, location, and eligibility criteria, the fourth round of talks in the Egyptian city of Aswan ended in disagreement.
The failure to reach a consensus adds pressure to the upcoming COP28 summit, which already has a packed agenda. This includes a comprehensive evaluation of countries' responses to climate change and the establishment of goals to help governments adapt to global warming.
Preety Bhandari, a senior adviser in the global climate program and the finance center at the World Resources Institute, emphasized, "Whether or not the loss and damage fund becomes fully operational is a key measure of success for the COP28 summit."
Sultan al-Jaber, president-designate of COP28, strongly urged countries to reach a consensus, with the talks extended overnight. Nevertheless, the talks eventually collapsed, leading to the announcement of another round of negotiations in Abu Dhabi early next month.
If the 24-person transition committee fails to reach a common ground in Abu Dhabi, "we are destined for very rocky negotiations in Dubai," warns Bhandari. The entire COP28 negotiations could be derailed if developing countries' priorities for funding loss and damage are not adequately addressed.
COP28's Jaber stressed that an agreement on the fund is "essential" and believed that "all issues are solvable." He stated, "The eyes of the world are on the committee members. Billions of people, lives, and livelihoods vulnerable to the effects of climate change depend on successful delivery."
The group of 77 developing economies plus China considered walking out of the talks earlier this week over a key dispute regarding the role of the World Bank in hosting the fund.
The G77 and China initially opposed the World Bank's involvement, but discussions resumed on the basis of the lender taking a leading role. Unfortunately, these conversations faltered again due to a clash over the capitalization of the fund.
Avinash Persaud, special climate envoy to Barbados and a member of the transition committee, expressed frustration: "After a summer of tumbling climate records and loss of lives, livelihoods, and shelter, developed countries are withdrawing from taking responsibility for capitalizing a fund to support the climate-vulnerable."
While developed countries bear the primary responsibility for historical greenhouse gas emissions causing global warming, they were not prepared to shoulder the responsibility of funding the consequences. US climate envoy John Kerry has advocated for China, the world's largest annual polluter, and Saudi Arabia, the world's leading oil exporter, to play a more substantial role in financing the fund. He has also pushed for World Bank reform to provide greater funding for poorer nations.
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