COP27 climate summit Updates of 8th November

As world leaders met on 7th November to discuss negotiations and implementation strategies for climate change, the consecutive day of 8th Nov followed the same with a different set of leaders on the front. The main agenda of UNCCC cop27 is the implementation for which thirty adaptation outcomes have been decided. It would focus on enhancing better living conditions for 4 billion people that reside in most climatic vulnerable communities by the end of 2030.

What happened on 8th Nov at Sharm El-Sheikh cop27?  

1.  Vulnerable countries are in desperate need of compensation underlining “loss and damage”

2.  The U.S. has proposed a plan to raise funds for developing nations. However, there are skeptical opinions about the same.

3.  COP27 could be an opportunity or a risk for Egypt.

4.  Countries like Ireland and Austria have pledged a good deal of funds to protect climatic crisis-prone countries.

For almost 30 years, developing countries have been trying to seek compensation funds from industrialized nations to recover from costs as a cause of natural devastations, an outcome of climate change. But, rich nations like the European Union and the United States have been resisting those calls. Rich countries which have emitted half the amount of all greenhouse gasses since 1850 are worried that compensating the developing ones, which are already in progress, can make them responsible for unlimited time.

However, the President of France, Emmanuel Macron said that Europe has been helping the poor countries, but the western nations are still far behind. The statement was made in an undirected manner toward the United States of America. In response to this, John Kerry, climate envoy to the USA has agreed on the idea for discussion on loss and damage but didn’t agree for revising the new fund.

African leaders raised a point that their countries cannot afford the cost of managing and adapting to extreme climatic change or coping with the disasters that it fuels. European commission’s president, Ursula von der Leyen, gave the idea to provide new funds for nations that are affected by climate change.

Following on the same, Ireland’s prime minister pledged to provide a sum of $1om for the new effort to provide support for climate change vulnerable nations in the list of poor and developing.

Austria followed in, announcing that it would donate 50 million euros, or roughly $50 million, to underdeveloped nations dealing with the effects of climate change.