The 27th Conference of Parties (COP27) to the UN Framework Convention on Climate Change (UNFCCC), which wrapped up in the early hours of Sunday at the Egyptian resort town of Sharm El-Sheikh, set things in motion that will have far-reaching implications for the international climate negotiations.
COP27 kicked off with the demand by the developing countries, especially least developed countries (LDCs) and small island nations, to set up a 'Loss and Damage' fund to compensate them for climate disasters. These countries, which have contributed the least to global warming, are now suffering annual losses in billions of dollars. For instance, the cost of the recent floods in Pakistan is estimated to be over $46 billion-13.25% of the country's GDP.
The loss and damage negotiation was acrimonious, to say the least, with the US entirely against any deal that would expose them to unlimited liability for their historic contribution to greenhouse gas (GHG) emissions. The negotiations also got into the question of who should pay, with small island states demanding that India and China should also contribute to the fund as they are now big GHG emitters.
Structure of compensation fund
In the wee hours of Sunday, countries agreed to set up a new funding window to pay for loss and damage, but with many caveats attached to this fund.
The fund will only support countries most vulnerable to climate change.
It might not include India.
Funding will come from both developed countries and a "mosaic" of sources, including the private sector and philanthropies.
Esta historia es de la edición November 21, 2022 de The Times of India.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 21, 2022 de The Times of India.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Song and dance there, but where is Brazil's soul?
From swooning over the twirling foot of Richarlison the other day, to fretting over the ankle of Neymar, it is back to business for Brazil. Gone is the exultation to dance and express themselves.
Marriott to reach 200-hotel mark in India by 2025 from current 134
American hospitality major Marriott International — the group with the largest number of branded hotel rooms in India at about 26,000 — has drawn up very ambitious growth plans for the country.
India's visually-impaired players dribble, debate on and off field
Take 20-year-old Shivam Negi for instance. A member of the national blind football team, Negi along with three other NIEVPD students is ardently following the matches by listening to live commentary.
SIPS eating into luxe car sales: Merc
‘MF Investments Reducing Disposable Incomes Of Indians’
Fury's Ground Xiro
Xi's zero-Covid policy has angered ordinary Chinese as never before. A dangerous moment for the state
Trump faulted for dinner with white nationalist, rapper Ye
The sportswear manufacturer has also launched a probe into his conduct.
Blank sheets of paper become symbol of defiance
Chinese protesters have turned to blank sheets of paper to express their anger over Covid-19 restrictions.
Can't deny mediclaim to a vegetarian, insurer told
Dietary Habit Not Patient’s Fault: Consumer Body
Thakur: Will host 'grand Olympics' in Gujarat in future
Union sports minister Anurag Thakur on Sunday said Gujarat will host a “grand Olympics” sporting event in the future.
Will restore old pension scheme in Guj: Kejriwal
He also urged government employees in the state to back AAP while promising implementation of the old pension scheme for them by January 31, 2022.