Leaders of COP27 have acknowledged that there have been “reservations” about making wealthy nations pay for climate change in developing nations.
The Sharm el-Sheikh climate change summit is under underway, and it is becoming clear that money and who will provide the additional billions of dollars required to address the effects of climate change will be the conference’s main topics of discussion.
“Inaction is myopic, and can only defer climate catastrophe,” COP26 president Alok Sharma said.
The funding for loss and damage was a new agenda item for this year’s conference, according to Sameh Shoukry, the president of COP this year.
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That was the result of late delegate negotiations.
“There have been concerns about the scope and obligations that might be involved,” he said.
Simon Stiell, executive secretary of the UN climate change agency, continued, “I would hope that parties continue in that spirit of finding common ground to agree on.
Read more about the gloomy backdrop to the opening of the COP27 climate meeting.
Everyone at COP27 agrees that significant reforms are required to curb global warming and avert disaster.
US climate envoy John Kerry told the BBC, “We’ve got a huge struggle ahead of us to stop the harm from happening and many countries are contributing to that damage, especially in the developing world.”
Leaders of COP27 acknowledge “reservations” over climate compensation
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