The Upcoming Climate Talks Are All About The Money

This is the one the preceding 26 COPS were leading up to. 

From CNBC, November 4:

A showdown over climate reparations is brewing — and it will determine the success of the COP27 summit

• The annual gathering of the U.N. Climate Change Conference will see more than 30,000 delegates convene in the Red Sea resort town of Sharm el-Sheikh to discuss collective action on the climate emergency.
• One core issue likely to dominate proceedings concerns climate reparations, sometimes referred to as “loss and damage” payments.
• “This is the litmus test for the success of COP27,” said Harjeet Singh, head of global political strategy at Climate Action Network, which includes more than 1,500 civil society groups.

The success or failure of the U.N.’s flagship climate conference is likely to depend on getting wealthy countries to deliver on reparations — a highly divisive and emotive issue that is seen as a fundamental question of climate justice.

The COP27 climate summit gets underway in Egypt from Nov. 6. The annual gathering of the U.N. Climate Change Conference will see more than 30,000 delegates convene in the Red Sea resort town of Sharm el-Sheikh to discuss collective action on the climate emergency.

It comes amid growing calls for rich countries to compensate climate-vulnerable nations as it becomes harder for many people to live safely on a warming planet.

Reparations, sometimes referred to as “loss and damage” payments, are likely to dominate proceedings at COP27, with diplomats from more than 130 countries expected to push for the creation of a dedicated loss and damage finance facility.

They argue agreement on this issue is imperative as climate impacts become more severe.

Rich countries, despite accounting for the bulk of historical greenhouse gas emissions, have long opposed the creation of a fund to address loss and damage. Many policymakers fear that accepting liability could trigger a wave of lawsuits by countries on the frontlines of the climate emergency.

If we lose the agenda fight then we might as well come home and forget about the rest of COP because it will be useless in the face of what is happening in the world on climate change.

Saleemul Huq, Director of ICCCAD

Saleemul Huq, director of the Bangladesh-based International Centre for Climate Change and Development, said he is expecting an “agenda fight” at the start of COP27 — the result of which he said will be critical to the summit’s integrity.

Finance to address loss and damage is on the provisional agenda for the U.N. climate conference. However, policymakers will need to determine whether to adopt it onto the official agenda at the start of the summit.

Huq, a pioneer of loss and damage research and advocacy, said it is feared that once again wealthy countries will refuse to endorse financial support for low- and middle-income countries acutely vulnerable to the climate crisis....

.... “It is beyond mitigation and adaptation now,” he added. “Loss and damage [funding] is by far the most important issue that needs to be discussed and if the UNFCCC doesn’t do it then it basically becomes redundant.”....

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