SHARM EL-SHEIKH. After ten days of meetings, discussions, waiting for decisions to be taken elsewhere (for example at the G20 in Bali) the COP27 is starting to get serious. Perhaps too late: formally, there are two days of work left, even if the Egyptian presidency of the Conference has booked a press conference for Saturday evening. The fact is that at half past six in the morning, the Cairo delegation released a draft of the final text, on which the Sherpas and ministers of the 198 nations present will now try their hand.
From a first reading it is clear that the negotiations are on the high seas loss and damage (vulnerable countries ask for the creation of a fund to pay for the losses and damages caused by the climate, rich countries oppose by proposing other financial instruments). No progress even on the fossil fuels: India had proposed to extend the gradual decrease agreed in Glasgow for the coalalso to gas and oil. United States And EU agreed, but there was an outcry from crude oil producers, starting withSaudi Arabia.
Of course there is still room for negotiation. And whoever wants to achieve decisive results makes his moves. There Germany for example: today the German Foreign Minister arrives at Cop Annalena Baerbock to personally follow the final stages of the negotiations. The government in Berlin, with the Greens in the majority and a special envoy for the climate, Jennifer Morganwhich was the leader of Greenpeace International for years, is certainly the most active European country in this COP.
Here however, in the analysis of the think tank Ecco, are the key points of the document released by the Egyptian Presidency.
- Important reference to the 1.5 degree target in the text. The document repeats the language of the Paris Agreement to “pursue efforts” to limit the temperature rise to 1.5 degrees. And it “underlines the need for immediate, deep and rapid cuts in emissions”.
- The phase-down of coal, as agreed in Glasgow, is reaffirmed;
- However, there is no talk of extending the phase-down to oil and gas as proposed by India – with the support of many vulnerable economies and Brussels – during the week;
- It “deeply regrets that developed countries, which have the greatest financial and technological capacity to lead the reduction of emissions, continue not to do so”. Adding that “Developed countries are expected to achieve net negative carbon emissions by 2030”.
- Wealthier countries are encouraged (not forced) to increase support and bring funding flows into line with 1.5C.
- It refers to doubling funding for adaptation to $40 billion annually by 2025.
- There is talk of a loss and damage fund, but for the moment without a specific agreement.
- There is no mention of biodiversity and above all there are no references to the COP15 in Montreal (December 2022).