COP27 ends with incomplete agreement and forms transition committee

The COP27 ended early this Sunday morning (20), with a historic agreement. After more than two weeks of intense negotiations, participants at the United Nations climate summit in Egypt, the COP27, have committed to funding a new fund to offset “losses and damage” caused by natural disasters in developing countries that are “particularly vulnerable to the adverse effects of climate change”.

The agreement, which still has many details to be defined, supports the so-called “solution mosaic” requested by the negotiating bloc of the European Union, among other countries, which advocates resorting to new financial instruments to help pay for the damage caused by extreme phenomena of the climate crisis.

The COP197 was supposed to end on Friday, but had to be postponed so that the 197 countries present could reach a consensus. presented by the European Union, suggested that not only rich countries but also large developing nations – such as China, India and Brazil – should contribute financially to the fund.

This proposal fell and was replaced by the commitment to create a fund, without further details of how it will work. But, under pressure from the US and the Europeans, the approved proposal also explicitly says that no country should be forced to pay “compensations” to others for climate effects.

However, the document does not specify which it will be the countries that can benefit from the fund, nor the details of its financing mechanism, fundamental points that will be defined in future meetings.

A transition committee formed by 24 countries, including three in Latin America and the Caribbean, will work out the details of this initiative over a year, to define how it will work and how the funding will be, with the aim of adopting this measure from of the COP28, at the end of 28.

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The committee will have one year to work and intends to present new proposals at the COP28, which will take place at the end of 28 in the United Arab Emirates. It is necessary to define fundamental parts, such as which countries should contribute financially to it and which nations will be able to benefit from the resources.

Agriculture and food

About 200 Parallel events and four pavilions – out of the one hundred assembled for this climate conference – were dedicated to the theme of agriculture and food. The Egyptian Presidency of the 27th World Climate Conference (COP27) has promised to make agricultural and food issues prominent in this edition.

Until then, this sector, which is responsible for one third of global greenhouse gas emissions and which suffers the most from the effects of global warming, was relegated to the background of official negotiations, far behind the energy or transport issues. In late October, just days before the opening of the conference in Sharm El-Sheikh, an assessment carried out by several foundations showed that food systems receive only a small share of 3% of public climate funding.

Among the announcements made in Sharm El-Sheikh, the initiative “AIM for climate” (AIM4C), from the United States and the United Arab Emirates, is emblematic.

This system, which should be complemented with 8 billion dollars over five years, it supports the implementation of additives in cattle feed to reduce methane emissions in the energy sector, but does not foresee resizing the size of the herds.

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Another initiative presented at the COP27 is FAST (“Agriculture and food for a sustainable transformation”), led by Egypt and the Food and Agriculture Organization of the United Nations (FAO), to finance the agricultural transition in the countries of the South. It has been criticized for the lack of details about its funding and which producers would benefit.

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