Some of the symptoms have been treated, but the patient is not cured of its fever, said European Commission President Ursula von der Leyen on the outcome of COP27 in Egypt.
She noted that COP27 has opened a new chapter on financing loss and damage and laid the foundations for a new method of solidarity between those in need and those in a position.
After years of resistance from rich governments, nations, for the first time, agreed to create a fund to provide payouts to developing countries that suffer “loss and damage” from climate-driven storms, floods, droughts and wildfires.
Despite being the standout success of the talks, it will likely take several years to hammer out the details of how the fund will be run, including how the money will be dispersed and which countries are likely to be eligible.
“We are rebuilding trust.
“This is crucial moving forward because there can be no lasting action against climate change without climate justice.
“The European Union is already the world’s leading contributor of international climate finance, and I am satisfied that we confirmed our commitment to support the most vulnerable on our planet through the first contribution on loss and damage”, said Von der Leyen.
She said that COP27 has kept alive the goal of 1.5C; unfortunately, however, “it has not delivered on a commitment by the world’s major emitters to phase down fossil fuels, nor new commitments on climate mitigation”.
She pledged the EU would stay the course through the European Green Deal and REPowerEU “because it is essential to keep the ambition of the Paris Agreement within reach”.
This year’s UN climate summit featured visits by world leaders, proposals by business leaders, and negotiations by nearly 200 nations about the future of global action on climate change.