COP27’s loss and damage fund delivers climate justice despite conference shortcomings

had questionably resorted to a “phasing down” of fossil fuels and COP27 only reiterated that as there was no clear stance on oil and gas use or any agreement on the phasing out of fossil fuels. This continuous watering down of fossil fuel use is not sending any clear message about the urgent action required to reduce emissions.

The loss and damage fund must not be a gateway for developed countries to avoid climate action, specifically mitigation efforts, by paying for the damage caused by climate change. This concern is greater in light of the approval for parties to be able to trade carbon credits. This only perpetuates the cycle of polluting and then throwing money at the issue without actually reducing emissions.

Reducing emissions by reducing fossil fuel use remains the only way to limit global climate warming to 1.5°C, and to fight climate change. COP27 fell short on a commitment to reducing emissions. Despite delivering tangible outcomes for Africa and other developing countries with the loss and damage fund, COP27 still failed to safeguard a global climate-warming target.

Dr Nqobile Xaba is a researcher at the Mapungubwe Institute for Strategic Reflection and co-editor of the institute’s publication,The views expressed are those of the author and do not reflect the official policy or position of the Mail & GuardianDr Nqobile Xaba is a researcher at the Mapungubwe Institute for Strategic Reflection and co-editor of the institute’s publication, A Just Transition to a Low Carbon Future in South...

Source: Energy Industry News (energyindustrynews.net)

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