By John Ikani
The COP27 climate negotiations in Sharm el-Sheikh, which have been ongoing for almost two weeks, have been extended into tomorrow, November 19 over deadlock on compensation for poorer countries – many of them African – being ravaged by the changing climate.
More than a 130 developing countries have demanded help from richer nations to deal with floods, drought and other climate-related events.
Asides the deadlock on negotiations on the issue of climate-related loss and damage, Egyptian President of the COP27 summit, Sameh Shoukry, said he was concerned at the number of other outstanding issues to be resolved.
A proposal by the European Union (EU) for a new Loss and Damage Response Fund for the most vulnerable nations is being considered.
The EU climate commissioner Frans Timmermans described the offer as “far-reaching”.
The EU proposal would see multiple new sources of finance for such a fund, including levies on aviation, shipping, and the coal and gas industries, as well as richer nation states including China.
It would also include other innovative sources of finance.
That offer is inextricably linked to other aspects of the EU proposal which would require all countries to increase their efforts to reduce greenhouse gas emissions – mitigation – and increased investment in adaptation measures and finance for developing countries to deal with the impact of the changing climate.
While this formal proposal from the European Union is a sign of progress, there is no agreement yet and it remains to be seen what the response from other countries negotiating at COP27 will be.
There is a fear that the talks could end in failure with the parties still divided on a number of significant issues.
