The fund would be largely aimed at the most vulnerable nations, though there would be room for middle-income countries that are severely battered by climate disasters to get aid.
Antigua and Barbuda’s Molwyn Joseph, who chairs the organization of small island states, described the agreement as a “win for our entire world.”
“What we have in front of us is not enough of a step forward for people and planet,” a disappointed Frans Timmermans, executive vice president of the European Union, told his fellow negotiators. “It does not bring enough added efforts from major emitters to increase and accelerate their emissions cuts.
While the new agreement doesn't ratchet up calls for reducing emissions, it does retain language to keep alive the global goal of limiting warming to 1.5 degrees Celsius . The Egyptian presidency kept offering proposals that harkened back to 2015 Paris language which also mentioned a looser goal of 2 degrees. The world has already warmed 1.1 degrees since pre-industrial times.
“We joined with many parties to propose a number of measures that would have contributed to this emissions peaking before 2025, as the science tells us is necessary. Not in this text,” the United Kingdom’s Alok Sharma said emphasizing the last part. “Clear follow through on the phase down of coal. Not in this text. A clear commitment to phase out all fossil fuels. Not in this text. And the energy text weakened in the final minutes.
“I think this is huge to have governments coming together to actually work out at least the first step of ... how to deal with the issue of loss and damage,” Scott said. But like all climate financials, it is one thing to create a fund, it’s another to get money flowing in and out, she said. The developed world still has not kept its 2009 pledge to spend $100 billion a year in other climate aid — designed to help poor nations develop green energy and adapt to future warming.
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