"The rich world’s governments arrived at the COP27 conference in Egypt saying 'It’s now or never.' They left saying 'How about never?' " - George Monbiot
Insufficiency of Climate Finance
In 2009, developed countries committed to jointly mobilize $100 billion annually in climate finance by 2020 to support developing countries in reducing emissions and adapting to climate change. Developed nations are responsible for the majority of carbon emissions since industrialization. They also have more wealth and resources to cope with the resulting global disaster.
But Oxfam reports that “Rich country contributions not only continue to fall miserably below their promised goal but are also very misleading." For example, loans account for some 70% of public climate finance. Loans are being reported at face value, ignoring repayment requirements. But countries that are facing worsening droughts, cyclones and flooding are already struggling to cope with these disasters even without the additional burden of loan repayments.
Cop27 has agreed on a ‘loss and damage’ fund for climate impact on developing countries. Can we hope for more success? The details of the plan are to be discussed at the COP28 meeting in the United Arab Emirates next year.
No brake on fossil fuels
Every rich country today became rich through the exploitation of fossil fuels. Today, more than 3/4 of their primary energy production comes from fossil fuels.
Although the UK denounced fossil fuels at the Glasgow climate summit, it now plans to keep coal-fired plants running. Germany is reopening shuttered coal power plants. Coal is the most carbon intensive of fossil fuels. Coal imports by the European Union from Australia, South Africa and Indonesia increased more than 11-fold.
All hope for a serious agreement to curtail fossil fuel emissions seems to have faded in the face of the worldwide energy crisis following restrictions placed on importation of Russian gas and oil.
The 636 lobbyists for the fossil fuel industry at COP27 certainly didn't help to solve this problem!
-Julie Wornan
References
Our leaders had a final chance to halt climate breakdown. They failed each and every one of us
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Reporting international climate finance remains flawed, and profoundly unfair.
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African nations can’t ‘adapt’ to the climate crisis. Here’s what rich countries must do
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Are Countries Providing Enough to the $100 Billion Climate Finance Goal?
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The broken $100-billion promise of climate finance — and how to fix it
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COP27: A Parade Of Climate Hypocrisy
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What is climate “loss and damage”?
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Adapting to climate change is urgent, feasible and woefully underfunded
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Loss and damage issue keeps Cop27 negotiators wrangling late into the night
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Polluters must pay for climate change
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Coal Companies Have No Phaseout Plan
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As COP27 Failure Looms, Climate Movement Demands: 'Phase Out All Fossil Fuels'
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COP27 hosts record number of fossil fuel lobbyists
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COP27: Fossil Fuel Lobbyists Swarm Climate Talks