Another key topic was politically highly controversial: accounting for “loss and damage” (L&D). In practice, this means reparations by wealthy countries who are historically responsible for most carbon emissions to poorer developing countries[1] who suffer the worst consequences.
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COP 27: The deal on loss and damage
Setting up a Loss and Damage Finance Facility was one of the hottest points of negotiations, and a deal was finally reached only during summit extension on Sunday morning[2]. The developed countries failed to attach decarbonization as a condition to the fund recipients. Specifics of the fund are not very clear but part of the deal is establishing a committee who shall identify and expand the sources of funding within the course of next year. The US said the deal wouldn´t create legal liability. Detailed coverage of recent L&D discussions was published by Chatham House shortly before the COP[3].
More specific commitments were also made earlier during the conference. G7 jointly with V20 (the Vulnerable 20) launched the Global Shield against Climate Risks. Germany pledged EUR 170 million and other countries added some EUR 40 million for this facility. Pledges were also made by Austria, New Zealand, Canada, and Ireland.
These funds, however, are a mere drop in the ocean. According to the Adaptation Gap Report 2022, the adaptation needs of the developing world are set to skyrocket to USD 160–340 billion by 2030, while today it is roughly 10% of this sum.[4]
