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At the close of COP27 Summit, some progress on climate justice.

The COP27 Climate Summit closed early on Sunday morning with the adoption
of an historic new accord that for the first time commits countries to
providing funding to the most vulnerable nations to help them cope with the
loss and damage inflicted by escalating climate impacts.

But the final accord failed to deliver much progress on global efforts to curb greenhouse
gas emissions, with those countries seeking a more ambitious deal accusing
a number of petrostates and their allies of seeking to backslide on
previous agreements.

The deal came after 48 hours of round the clock
negotiations as countries sought to finalise an agreement that built on
last year’s Glasgow Climate Pact by delivering a boost to flows of climate
finance and further action to accelerate decarbonisation efforts worldwide.

On Saturday afternoon, the Egyptian hosts confirmed that after several days
of deadlock the negotiations appeared to have secured a major breakthrough
following an agreement between the EU and the G77 group of developing
economies, including China, which saw them back plans for a new Loss and
Damage financing mechanism that could be operationalised at next year’s
COP28 Climate Summit in Dubai.

Business Green 20th Nov 2022


November 20, 2022 - Posted by | 2 WORLD, climate change

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