The president of the Assembly of the Republic described this Sunday as “excellent news” the agreement reached at the UN climate conference (COP27) regarding financial support for the most vulnerable countries.
In a message on his official account on the social network Twitter, Augusto Santos Silva pointed out, on the other hand, that “a firm commitment” on fossil fuels is still lacking.
“While a firm commitment on timetables and targets to renounce fossil fuels is still lacking, COP27 reached an agreement on financial support for countries most vulnerable to climate change. And this is excellent news”, writes the president of parliament.
COP27 ended this Sunday in Sharm el-Sheikh, with the adoption of two main texts, a final declaration and a resolution on compensation for damage caused by climate change suffered by vulnerable countries.
For the Egyptian presidency of COP27, the balance is positive, considering that the agreements reached meet the initial objective of making Sharm el-Sheikh the “implementation conference”, while the UN Secretary General, António Guterres, lamented the lack of ambition of the COP27 with regard to the reduction of emissions.
The resolution on financial support was unanimously adopted in the plenary assembly, followed by thunderous applause, at the end of the annual UN climate conference.
The resolution emphasizes the “immediate need for new, additional, predictable and adequate financial resources to help developing countries that are particularly vulnerable” to the “economic and non-economic” impacts of climate change.
Among these possible financing modalities is the creation of a “loss and damage response fund”, a demand from developing countries. However, the modalities for the implementation of the fund will still have to be elaborated by a special commission, to be adopted at the next COP28, at the end of 2023, in the United Arab Emirates.
French President Emmanuel Macron has already announced his intention to host a summit in Paris in 2023 to put this “new financial deal” into practice for vulnerable countries, ahead of the next climate meeting in Dubai.
The final declaration of COP27, on the reduction of emissions, highlights the urgent need for immediate, deep, rapid and sustained reductions in global emissions of greenhouse gases, responsible for climate change.
Regarding the objectives of limiting warming, the final declaration of COP27 reaffirmed the objective of the Paris Agreement to contain the increase in average temperatures below 2° Celsius relative to pre-industrial levels and to continue efforts to limit temperature rise to 1.5° Celsius.
The 27th United Nations Conference on Climate Change began on November 6 and ended this Sunday in Sharm el-Sheikh, Egypt, bringing together 112 heads of state and government.
Source: Observadora
