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hope is reborn (a little) at COP27

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The hope of saving the COP27 in Egypt is reborn. “An agreement has been reached” on the creation of a specific fund dedicated to these “loss and damage” who ” directed “ financial means to the most vulnerable countries, indicated a European source on Saturday 19 November.

This announcement comes as this 27th International Climate Conference (COP) seemed on the verge of failure on Saturday morning. “Rather disagree than a bad agreement”had thus launched a little earlier the vice-president of the European Commission Frans Timmermans in front of the press.

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“We are concerned about some of the things we have seen and heard over the past 12 hours”he had lamented, adding that the objective of the Europeans was to keep ” urge “ the warming limit of 1.5°C, the most ambitious objective of the Paris agreement.

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The output of oil is not mentioned

The Egyptian presidency, criticized for the slowness of the negotiations, ended up publishing a new, long-awaited draft final text at the start of the afternoon. This proposal has yet to be discussed by negotiators from nearly 200 countries gathered in Sharm el-Sheikh for talks that have already lasted a day.

The document reaffirms the objectives of the 2015 Paris agreement, which aims to limit global warming “significantly below 2°C” compared to the pre-industrial era, and if possible at 1.5°C.

The text stresses that the impacts of climate change would be much less significant at 1.5°C and shows the importance of continuing ” efforts “ to meet this limit.

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On the energy side, the end of “inefficient fossil fuel subsidies” is affirmed but not the release of oil or gas. The objective of a gradual exit from coal-fired power plants – acquired from Glasgow last year – is reaffirmed, but now with a call to accelerate the development of renewables during this decade.

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The creation of a fund soon to be recorded?

This conference, which should have ended Friday evening, has long stalled on compensation for the damage already caused by climate change, “loss and damage”.

A text proposal on this issue, one of the thorniest discussions for two weeks, was also put forward on Saturday by the Egyptian presidency, with the hope that a consensus could be found.

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The document proposes to establish “new financing agreements to help developing countries” at “to mobilize new and additional resources”. But also, a flagship claim of highly exposed poor countries, of “create a loss and damage response fund”the operation and financing of which will have to be worked out by a “transition committee” by the next COP28 in the United Arab Emirates at the end of 2023.

The ambiguity over the beneficiaries of this fund, a major sticking point in recent days, has been lifted, said the European source.

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