COP27: Round up - visionless summit flails into week two
"Cop27 bulletin: Visionless summit flails into week two" 14 November 2022
...A loss and damage finance facility would be a huge Egyptian gift to the developing world. But, as John Kerry said on Saturday, “that’s just not happening” because the US and others still fear being sued for their historic pollution. Instead, the rich world is offering a hodge-podge of initiatives like insurance and early warning systems. Some vulnerable countries are working with them on this.
But the sums of money involved pale in comparison to the toll of disasters like Pakistan’s floods. And all these worthy initiatives don’t need a Cop to go ahead. To the extent that Egypt has outlined a goal, it is to promote “implementation”.
So it’s the coalitions and the side deals in the trade fair bit of Cop that matter to the presidency. Well, the trade fair is heavy on oil and gas greenwashing. A flagship initiative to finance African renewables folded due to a bad choice of partner.
In the negotiating rooms, there’s no consensus on how to strengthen national emissions cuts and trade carbon. A draft political statement for the summit – the “cover text” – has yet to appear.
If there’s any vision behind this Cop, the Sharm Pact is the place to show it. Otherwise, it will be remembered for jailed activists, gas deals and rivers of sewage.
The other place to look for political direction is the Indonesian island of Bali. If presidents Joe Biden and Xi Jinping manage to find some good vibes ahead of a G20 summit, it could unlock a US-China climate statement... A thawing of relations could mean resumed technical cooperation on things like curbing methane emissions. Based on climate envoys’ statements last week, don’t expect it to magic up finance for loss and damage...