December 7, 2022

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In a final extension, COP27 accelerates to conclude decisive negotiations

Published on 11/15/2022 06:00

(Credit: AFP)

27th United Nations Climate Change Conference (COP27) Egypt’s Sharm el-Sheikh kicked off a crucial week of negotiations on a draft of the final text, which is due to be published between Friday and Saturday. Nearly 200 representatives at the Egyptian resort are discussing the creation of a specific fund. Rich countries will pay to cover damages and losses caused by poor countries, is highly vulnerable to climate change. Parties have until 2024 to create this new financial mechanism.

In addition, discussions are intensifying about countries’ commitment to the Paris Agreement goal of limiting global temperature rise to 1.5°C above pre-industrial levels. “There is still a lot of work to be done if significant results are to be achieved. We need to change the pace,” Sameh Choukri, head of Egyptian diplomacy and executive chairman of COP27, told the global talks yesterday. Chowkri announced on Wednesday night that he would intensify negotiations to enter the final phase, leaving “some issues open”.

Cooperation

After US President Joe Biden met with Chinese President Xi Jinping in Indonesia, the White House announced yesterday the resumption of cooperation between the US and China on climate change. “The announcement by the two biggest emitters of greenhouse gases is a relief,” said Ani Dasgupta, president of the Washington-based World Resources Institute.

According to many observers, China, the world’s biggest emitter, and oil powerhouse Saudi Arabia once again reserved reservations that global warming should be “limited to well below 2°C”, citing the final announcement of the 1.5°C target. At an earlier conference in Glasgow, countries pledged to meet the most ambitious target of the 2015 Paris Agreement.However, as of yesterday, no country except Mexico had announced changes to its emissions reduction targets by 2030.

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