Cop27--which took place in Sharm el-Sheikh, Egypt--ended after a long and intense weekend of negotiations on Sunday 20 November. The results of the summit were mixed, with on the one hand a new agreement to help vulnerable countries, and on the other, no progress on emissions and fossil fuel reductions.
The loss and damage fund marks the first time in 30 years of climate talks that developed countries have agreed to finance the rescue and recovery of poorer countries during climate-related disasters. This proposal was heavily pushed by small island states who of course are especially touched by adverse climate change consequences like rising sea levels for instance.
The US and the European Union at first were against this deal, saying that other existing funds could be redirected in the case of a natural disaster, but vulnerable countries won their case in the end, when the EU on Friday made a U-turn on its initial position and agreed on a fund. The EU wants to see the list of donors to the fund broadened to include quickly developing and high emitters like China.
Disappointment surrounding emission targets
However, at this Cop, the 1.5ºC goal was barely kept alive, as no agreements were reached in limiting the consumption of fossil fuels and natural gases. As EU commission vice-president Frans Timmermans put it, “the deal does not address the yawning gap between climate science, and our climate policies.”
Luxembourg, which was represented by environment minister Joëlle Welfring (déi Gréng), said it would attribute €10m of its €220m international climate fund to the loss and damages fund that will be set up in the years to come. Welfring commented on the results of the climate conference that while the new fund will help bridge the gap between the vulnerable and developed countries, it was imperative to improve emission targets worldwide.
French president Emmanuel Macron on Sunday evening announced his intention to hold a climate summit in Paris ahead of the Cop28 conference taking place in Dubai next year.
This week’s agenda
Tracy for this week recommended a free concert by Luxembourg instrumental rock band Mutiny on the Bounty. The gig organised by Spektrum will take place on Monday 21 November. On Wednesday 23 November, the Network is holding an event to advise female entrepreneurs on how to start and successfully develop their business. On Friday 25 November, the Garage Gang improv team will be showing off their skills at the Rocas bar in town.
For her weekly recommendation, Tracy picked the song Trouble by Agar Agar, a Parisian electropop band.