Foreign Minister Annalena Baerbock is betting that a new EU initiative could bring about a breakthrough at the world climate conference. The EU has proposed a new financing pot to help the poorest countries and small island states with climate damage, which would have contributed the least to climate change, said the Green politician on Friday on ZDF. “A big step” was taken.
She was also prepared for the fact that the approximately two-week conference in Sharm el-Sheikh, Egypt, would not end today as planned. “I packed my bags for the whole weekend. Tonight, that would be very sporty,” she said of expectations that the meeting, like previous world climate conferences, could be extended.
The EU had proposed the night before to set up a special fund to cover losses and damage in the most vulnerable countries, but with funding from a “broad donor base”. This means that high-emission emerging economies like China would have to contribute, rather than the fund only being financed by the rich countries that have historically been the biggest contributors to global warming.
Baerbock also called on China to participate in the proposed financing pool for damage caused by climate change. “What we would propose is the creation of a fund to deal with losses and damages for the most vulnerable countries,” said European Commission Vice-President Frans Timmermans at the COP27 conference.
The theme of casualties and damage dominated this year’s summit. More than 130 developing countries had called for agreement on a new fund to help them deal with the irreparable damage caused by floods, droughts and other climate-related impacts. The US and EU had previously opposed the idea, fearing it would open the door to introducing legal liability.
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