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Home Sectors Energy

COP 27 ends with agreement on loss and damage compensation funding

No solid agreements on adaptation, mitigation, and climate finance

Omono Okonkwo by Omono Okonkwo
November 20, 2022
in Energy
COP 27 ends with agreement on loss and damage compensation funding
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This is according to a telecast-on Sunday, November 20, where all parties agreed to move forward on compensation funding for loss and damage. The compensation will be directed toward countries that have suffered the severe impacts of climate change effects. Some of these effects include drought and flooding.

According to a speech from a Zambian delegate who represented African groups, Africans came to Sharm el-Sheikh to advance the implementation of climate actions and to address escalating climate emergencies affecting millions of people, especially in Africa and other developing countries. This was to restore hope and climate justice to those who suffer the most and who have contributed the least to the problem. The Zambian delegate said:

  • “On loss and damage, there is a breakthrough in financing arrangements in this regard. After 30 years of endeavour, the world has arrived together to establish a new fund and funding arrangements in assisting developing countries to address loss and damage by providing new and additional resources that are particularly vulnerable to the adverse effects of climate change.”

He outlined other outcomes of deliberations from Africa’s perspective as follows:

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  • On climate finance, deliberations took place in the context of the failure of developed countries to meet the goal of mobilizing $100 billion a year by 2020; however, the parties managed to make progress and, in the years to come, they will look back on the African COP as a pivotal moment in their joint commitment to ensure that the Paris Agreement climate finance architecture is on track and delivering.
  • On adaptation, the parties made progress on the global goal of adaptation and established a framework to guide the achievements of the goal and the review of overall progress in achieving and enhancing adaptation action and support.
  • On mitigation, the parties designed a dynamic work program to accelerate mitigation ambition and implementation in this critical decade, scaling renewable energy as well as the need for closing investment gaps.

Disagreements: However, the Zambian delegate noted that the parties could not agree on the recognition of special needs and special circumstances of Africa, a region most vulnerable to the impacts of climate change and that contributes the least to the climate challenge.

The Nigerian delegate aligned his statements with the delegate from Zambia. According to him, the establishment of a new fund for loss and damage is a welcome development because, in the case of Nigeria, a lot of flood victims now reside in internally displaced person (IDP) camps and have lost their livelihoods to floods. He stated that Africa is much more vulnerable to climate change impacts and as a result suffers the most.

Failure to phase out fossil fuels: A delegate of the civil society representatives noted that there is no climate justice without human rights and continuous fossil fuel exploration will always result in more losses and damages, and COP 27 failed to phase out fossil fuels.

A disappointment: A delegate of the indigenous peoples’ organizations said although the progress on loss and damage is commendable, COP 27 has come to an end with a feeling of apathy and disappointment as bold promises have not been met with equal commitment.

  • “The urgency and hope we heard from world leaders and parties in week 1 have quickly been overshadowed by false solutions, which do not reduce emissions at the source. That delay replicates new forms of climate colonialism and falls short of the 1.5°C climate goal.”

In case you missed it: On November 19, President of COP 27, Sameh Shoukry, announced that attending parties at this year’s climate change conference had failed to reach a consensus on loss and damage, mitigation, and adaptation.


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Tags: COP 27Loss and damage
Omono Okonkwo

Omono Okonkwo

Omono Okonkwo is an accomplished Mass Communicator, with a remarkable track record spanning over a decade across various dimensions of the field. Her proficiency encompasses Print, Digital, and Broadcast Journalism, Copywriting, Research and Writing, Podcasting, Public Speaking, as well as a comprehensive grasp of Energy Markets. Her engagement in energy market coverage commenced officially in 2016, as she assumed the role of a country correspondent (Nigeria) with Natural Gas World, a subsidiary of Minoils Media based in Vancouver, Canada. Since then, Omono Okonkwo has consistently demonstrated excellence and left an indelible mark on the ever-evolving energy sector.

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