Page 67 - Nigeria one mag 4 edition en

The COP27 UN climate summit

On November 6-18, 2022, Sharm El-Sheikh
(Egypt) hosted the 27th U.N. climate change
conference. The summit was expected to
bring together 196 countries, 45000 people
( including activists and demonstrators),
and 120 world leaders. While there were
many topics discussed, damage and loss
were a pivotal issue during the event.
Compensating poorer nations for
irreparable climate damages is a
contentious issue that was part of the
climate talks. Despite years of being
blocked by wealthy nations who refused to
pay for the harm caused by their
emissions, it has been placed on the formal
agenda for the first time. Although the talks
have not yet led to anything concrete, the
mere fact that loss and damage have been
added to the climate agenda in Egypt
represents a major achievement by
developing countries. According to activists
and demonstrators from developing count-
ries, developed countries must pay for emissions' consequences. In their opinion, the developing nations are only
contributing a small percentage to carbon emissions globally compared to the industrialized nations, but they are
disproportionately affected by the consequences of climate change. In recent years, extreme weather events such
as rains and floods have inundated their countries, destroying farmland, displacing millions, and causing
substantial economic and human losses. Several of these countries are advocating a “loss and damage” financial
mechanism, which would require developed countries to contribute to the compensation of victims of climate
change. By transitioning to cleaner energy sources, energy-poor countries will not become a part of the problem.
A proposal to cover the costs of coping with climate change in less developed countries has been around since at
least the COP15, which took place in Copenhagen in 2009. The question of how richer countries can support
financially poorer countries in the face of climate challenges has dominated much of COP27's first week. Concern
over corruption, short-term fixes, versus long-term investments in mitigation and adaptation have dominated the
debate, as always. A report for the latest summit suggests that developing countries will need about $1 trillion a
year of outside climate financing.
On November 11, 2022, U.S. President Biden attended the global climate conference. Following the urgent pleas
made by most world leaders several days earlier, he delivered his address to 1,600 delegates, negotiators, industry
leaders, and activists at the climate conference. Biden’s visit to Sharm El-Sheikh was delayed by the U.S midterm
elections. As a part of his 20 minute speech, the president outlined U.S. plans to invest more in climate adaptation
efforts in Africa, contribute to reducing methane emissions, support Egypt's clean energy transition, and back
initiatives to reduce greenhouse gas emissions from heavy-emitting sectors such as shipping. Additionally, he
promised to fight for more funds to help climate-vulnerable countries cope with climate-driven disasters. $150
million will go towards helping Africa (the world's most climate-vulnerable continent), expanding early warning
systems, and broadening security, along with doubling the amount to fund global adaptation. Delegates responded
cautiously to Biden's address, acknowledging both the importance of U.S. engagement in climate change efforts,
as well as the fact that it has not proven to be a reliable partner. It is extremely frustrating for developing count-

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