Biden-Xi climate cooperation to revitalize COP27 negotiations

Heading into the final week of the two-week conference, progress is slow and struggles to find consensus on how rich countries should help developing countries bear the cost of climate change disasters. It’s frustrating for negotiators.

The outcome of this issue, called ‘loss and damage’ in climate negotiations, could define the perception of success or failure of the COP27 negotiations.

A senior negotiator, who was not named because of the sensitivity of the negotiations, said that after a first week of heavy promises and light weight on new cash commitments, many developing nations had their richest economies tangible. He said he was watching Bali closely for signals that he was acting.

Progress from the world’s wealthiest economies, the G20 group (and their largest emitters), could come in the form of both cash and political signals.

One issue on which some Egyptian delegates and observers wanted progress was the provision of climate finance to developing countries by multilateral development banks (international financial institutions whose sovereign shareholders are primarily located within the G20). was.

Avinash Persaud, Barbados Prime Minister Mia Motley’s special envoy for climate finance, told Reuters: “It is important that they do it and it will bring support and momentum to the COP.” rice field.

The US is set to announce an energy transition plan with Indonesia on Tuesday, which will involve other G7 countries, essentially raising funds to help switch from coal to clean energy. It’s a package.

G20 leaders also agree on statement on addressing environmental issues after officials failed to agree on joint communiqué in August amid opposition to climate goals and language used in war in Ukraine It may look like