COP27 ‘loss and damage’ deal offers hope on climate cooperation

The latest global climate summit teetered on the brink of collapse after two weeks of negotiations. Only a last-minute, landmark “loss and damage” deal averted it.

This is an agreement for big polluters to contribute to a fund to pay for climate-related damage to developing nations. Even then, there are still sticking points – including which countries should contribute – that need further discussion.

Regrettably, such detail is unlikely to be settled quickly, going by the lack of progress on the ultimate agenda, which is to cut fossil fuel emissions faster to head off an unsustainable degree of global warming.

A year ago, at COP26 in Glasgow, countries pledged to phase down the use of polluting coal power and phase out inefficient fossil fuel subsidies.

At COP27 a proposal to phase down the consumption of all fossil fuels, not just coal, had the support of 80 of nearly 200 countries, according to a Pacific islands delegate. But consensus foundered on opposition from oil and gas producers such as Saudi Arabia and Russia.

These countries doubtless were fortified in their resistance by disruption of supplies caused by Russia’s invasion of Ukraine. Indeed, cooperation on cutting greenhouse gases is likely to prove elusive during the Ukraine war, amid an energy crisis, food shortages, inflation, growing risks of economic recession and lingering tensions between China and the United States.

That said, the “loss and damage” deal is a chance to prove the world can cooperate on climate change. It is imperative that it does, sooner rather than later. Hopefully, exact details of the deal – who pays and how much – will be debated and settled at COP28 in Dubai in November next year.

Each new authoritative United Nations report on the effects of climate change is more dire. Until measures to reduce or keep temperatures in check have an impact, there will be more severe weather events, sea levels will rise and humanity, species and ecosystems will be further threatened.

‘Very candid’ US-China talks at COP27 as bilateral exchanges resume

Another positive note to emerge from COP27 could make a difference – the resumption of climate collaboration between China and the US, suspended for months amid Beijing’s anger over House Speaker Nancy Pelosi’s visit to Taiwan.

This was agreed in talks between presidents Xi Jinping and Joe Biden ahead of last week’s G20 summit. As a result, Chinese and US climate negotiators, Xie Zhenhua and John Kerry, have had face-to-face talks. Xie said they were “constructive” and the pair would continue discussions.

That is good news. The cooperative involvement, and leadership, of the world’s two major powers and top polluters is paramount if there is to be real progress any time soon in curbing emissions enough to rein in global warming.