COP27

2022 - 11 - 7

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Image courtesy of "ABC News"

COP27 kicks off with an agreement to discuss compensation for ... (ABC News)

Delegates from nearly 200 countries kicked off the UN climate summit in Egypt with an agreement to discuss compensating poor nations for mounting damage ...

So far, only two small countries have offered funding for loss and damage. The "V20" group of 58 climate-vulnerable countries and the Group of 7 rich nations will launch a "Global Shield" to strengthen insurance and disaster protection finance. Inside the UN negotiations this week, small island states — whose vulnerability to climate change has seen them play an outsized role in past UN talks — will push a proposal for a UN-hosted "response fund" to pool and distribute cash to countries struck by disasters. He added the decision created "an institutionally stable space" for discussion of funding for loss and damage, and that the talks are intended to lead to a conclusive decision "no later than 2024". "The inclusion of this agenda reflects a sense of solidarity for the victims of climate disasters," COP27 President Sameh Shoukry told the opening plenary. For more than a decade, wealthy nations have rejected official discussions on what is referred to as loss and damage, the term used to describe rich nations paying out funds to help poor countries cope with the consequences of global warming for which they bear little blame.

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Image courtesy of "Climate Home"

Cop27 bulletin: Welcome to Sharm el-Sheikh (Climate Home)

While delegates were greeted with hotel price-gouging on Sunday, vulnerable nations scored a win on the Cop27 agenda.

[set a floor price](https://www.climatechangenews.com/2022/02/24/activists-raise-inclusivity-concerns-for-cop27-as-egypt-hikes-hotel-prices/) of $500 a night for a five-star hotel and $120 a night for a two-star institution. Hot place to be – More than 38,000 delegates have registered to attend the blue zone at Cop27, according to UN Climate Change data. The government [denies this](https://www.climatechangenews.com/2022/09/14/egyptian-government-denies-cop27-hotel-price-gouging/). The UK is suffering more than European neighbours from high energy bills in part because of It relies on the host country enforcing social and environmental safeguards. The judgement will be based on the quality of the outcome,” UN Climate Change head Simon Stiell told a press conference on Sunday. There will be no talk of liability or compensation (a red line for wealthy nations) and countries agreed to conclude the process within two years. “You don’t want to evacuate people to a place where they could be swept away by a landslide,” he said. The controversial “climate club” could also get airtime. The real test will be the quality of the discussions. Cop27 Sameh Shoukry told the opening plenary that consultations went on for a marathon 48 hours before the start of the meeting. It opens the door for a substantive conversation on who should pay for climate damages and how.

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