Welcome to Sharm el Sheikh, World Leaders!
You probably land in Egypt with a very clear idea of what is at stake for this 27th edition. And here is a crucial point: If not, don’t worry ECO has got your back : a strong and fair decision on Loss & Damage finance is nothing less than a litmus test for international climate negotiations.
You’d probably answer that “the question is now formally on the agenda”. You’d probably add “it has never been the case before”. It is indeed unprecedented. This would never have been possible without all the tremendous work in elevating demands that civil society and developing countries delegations have pushed for decades, asking for fair assistance for climate victims.
Now let’s talk about that agenda item. Developed countries: everyone saw your old tactics in the meeting rooms in the final 36 hours before the beginning of COP27, trying to weaken the final decision and delay (again) action on providing meaningful loss and damage finance. ECO also took note of your relentless efforts to exclude liability and compensation from the agenda item. That too is quite familiar.
So yes, funding arrangements for Loss and Damage are now on the agenda, but the risk is real that we end up with an empty shell once again. The parameters adopted yesterday do not meet the demands of developing countries or the needs of the most vulnerable.
And while the agenda calls for a decision no later than 2024, that doesn’t mean you can relax and sit back. It is absolutely crucial to get a decision by the end of this COP on the establishment of a financial mechanism for loss and damage already laying out core framing parameters for such a new facility. The relevant functions, governance, and modalities for disbursing such finance can be fine-tuned, no later than and ideally well before the end of 2024, so that the facility starts delivering shortly thereafter. There are many options for additional finance, starting with looking at the worst polluters via a climate damages tax or a windfall tax on the outrageous profits that fossil fuel companies are hauling in this year.
As a reminder: ECO will not be celebrating an agenda item, as it represents only an incremental step in the right direction. We are still demanding a truly ambitious decision for frontline communities that meets the requirements of climate justice and equity. Postponing such a decision once again would be an insult to the people and communities who are already suffering the worst climate impacts, even though they are not responsible for them. So, in case it wasn’t clear, Parties, get your work done over the next two weeks here in Sharm el-Sheikh. The entire world – and ECO – will be watching you.