Since the climate change conference at Sharm El-Sheikh in Egypt, the media has been inundated with news of the ‘loss and damage fund’ set up to support developing countries as they face the impact of climate breakdown. The fact that the fund was actually passed by governments was quite an achievement given how stagnated the conversation around loss and damage funding for climate-induced harm has been for the past decades. It took 30 years of lobbying by countries like Nepal that are vulnerable to the climate crisis for the 198 nations that are party to the UN Framework Convention on Climate Change (UNFCCC) to agree to establish the new fund in Sharm El-Sheikh. What is loss and damage? The concept of loss and damage goes beyond just adapting to or mitigating climate change. It addresses the kind of destruction like massive floods, severe droughts, ocean expansion that countries and communities cannot adapt to. While adaptation deals with the projected risks of climate change, loss and damage tackles the aftermath once impact have already materialised. The notable failure to agree to a way forward on loss and damage funding at the Glasgow Climate Pact at COP26 last year set the stage for the negotiations in Sharm El-Sheikh. It gave loss and damage funding a new prominence it did not have before, and built the momentum for talks. Yet, it is important to remember we went into the conference centre for the first time in Sharm El-Sheikh without loss and damage funding even on the agenda for the negotiations. COPs mostly begin with an agenda fight, but the all nighter to get loss and damage funding a formal space during the negotiation was a good indicator of the marathon that was to come. The vulnerable countries refused to go back from the summit without an outcome on this issue. Our persistence succeeded in the <a href="https://twitter.com/manjeetdhakal/status/1594176722362056705">establishment of a fund</a> that developing countries had been asking for since the early nineties. It bought us a step closer to getting vital resources to those on the frontlines of the climate crisis. It was also a timely reminder of how multilateralism can deliver for those who are most in need. The loss and damage agreement is a big deal for Nepal, a Himalayan country exposed to high risk from climate breakdown. A 2020 study by Climate Analytics shows that all seven provinces in Nepal are at risk from the effects of climate change, and that these risks will become more pronounced at 2°C and 3°C rise above pre-industrial levels. Currently global average temperatures are 1.1°C above pre-industrial levels, and scientists are urging the government to cut back emissions so it will be limited to 1.5°C by the end of the century. This risk is not only a manifestation of Nepal’s fragile climate-sensitive topography, but also the lack of planned development and weak socio-economic systems that leads to higher vulnerability. <div class="embed-block"><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20230112100132/63bfd4399c7e80680e0d3095jpeg.jpg" alt="" width="1200" height="675">Lubra Village is under constant threat from flash floods. Photo: RONAN WALLACE</div> Data from the BIPAD portal, the central disaster information management system of the Nepal government, shows that compared to other forms of natural disasters, climate-related floods and landslides have been steadily increasing in Nepal causing economic losses as well as loss of lives. Other forms of extreme- and slow-onset climate impacts such as glacier melt and outburst floods, forest fires, droughts and cold waves are also on the rise. The increasing frequency and severity of various hazards indicates that climate change impact in the country is growing. A 2014 ICIMOD study shows that Nepal’s glacier area decreased by 24% between 1977-2010 and another 2019 study shows that even if global warming is limited to 1.5°C increase, the mountains in the region will warm by 2°C degrees and the glaciers will lose a third of their volume. This will have a significant impact on the nearly two billion people living in the region and downstream, including in Nepal. It is <a href="https://reliefweb.int/report/world/lost-damaged-study-economic-impact-climate-change-vulnerable-countries-november-2021#:~:text=Report%20projects%20economic%20harm%20caused,and%20%2D33.1%25%20in%202100%60">estimated</a> that Nepal will experience on average a 13% reduction in its GDP by 2050 and a 33% reduction by 2100 due to climate impact even in the 1.5°C scenario. This will increase on average to around 20% reduction by 2050 and 65% reduction by 2100 under current climate policies. These are conservative estimates that do not take into account all forms of climate impacts, and are in addition to the non-economic loss and damage the country will face. The loss and damage fund agreed at COP27 is huge given that to date no finance had been made available through existing processes within the UNFCCC to address it. While a fund was established building on the momentum from Glasgow, the specifics of what the fund looks like, where it will be placed, how it will be sourced and how it will function remains to be decided. The way forward to design and operationalise the fund is important. A transitional committee tasked to work on the design of the fund will meet three times next year to deliberate on these matters, and will present recommendations for the consideration of countries at COP28 in UAE next year so it will be operational by end 2023. The process has begun to nominate members of the transitional committee, which will comprise 14 members from developing countries and 10 members from developed countries. Under the developing countries category, three members will be nominated from the Asia and the Pacific region and two from the Least Developed Countries LDCs. It is vital that the new loss and damage fund sits in parallel with existing funds like the Global Environment Facility (GEF) and the Green Climate Fund (GCF) as an operating entity under the UNFCCC and Paris Agreement. It should expedite and have flexible disbursement of resources to ensure support immediately in the aftermath of a climate event. This would not be possible if the fund were to sit under the GEF and the GCF which follow a program-based approach. At COP27, LDCs negotiated on loss and damage as a part of the Group of 77 and China — the negotiating bloc comprising 134 developing countries. There is a view from the developed countries that the funding arrangements to respond to loss and damage should include other loss and damage financing initiatives outside of the UNFCCC as well. While the LDC Group welcomes any support on loss and damage, proposals outside of the UNFCCC are seen as falling outside of the mandate of the climate negotiations, and the governments that take part in them. They are, therefore, seen as not being not pertinent to the negotiations ongoing under the Convention and Paris Agreement. Nepal's role Nepal needs to work on further strengthening its institutions and policies to better document and respond to climate impacts, and coordinate with agencies already engaged on disaster- and humanitarian-related support. Currently the BIPAD portal tracks both climate-related and other disasters together. Now more thought needs to be given on how the data can be disaggregated to demonstrate climate change impact. Furthermore, establishing climate linkage and collecting information and data on slow onset events remains key. Nepal has a special role to play in the design of the loss and damage fund in the coming year. We are best positioned to amplify voices on the accelerated impacts of climate change in the highlands. It will also be important to continue to build on Nepal’s expertise on climate change to maintain leadership at both the national and international levels and to steward the negotiations so the loss and damage fund can &nbsp;respond effectively to the urgent needs of the world’s most vulnerable. Manjeet Dhakal is Head of LDC Support Team at Climate Analytics (CA) and Director for Climate Analytics South Asia office. Sneha Pandey is Sneha Pandey is a loss and damage expert with the LDC Support Team at Climate Analytics.

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What next after COP27 L&D fund?

<figure><img width="1170" height="530" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221207101212/639059c39c7e80680e0ce206jpeg.jpg" alt=""/><figcaption>Egyptian Foreign Minister Sameh Shoukry, chair of COP27, reads the nine-page Sharm El Sheikh Implementation Plan, the document that concluded the climate summit on Sunday Nov. 20, to an exhausted audience after tough and lengthy negotiations that finally reached an agreement to create a fund for loss and damage, a demand of the global South. Photo: KIARA WORTH/UN</figcaption></figure>It’s finally over. After the anticipation and build-up to COP27, the biggest climate meeting of the year is now in our rear-view mirror. The crowds of delegates that thronged the Sharm el-Sheikh international convention center for two long weeks have all headed home to recover. Many will be fatigued from long hours and sleepless nights as negotiators tried to seal a deal that would move the world forwards. Did all this hard work pay off? In our opinion, COP27 was both better and worse than we’d hoped.<h3>Failing to Follow the Science</h3>First, the bad news. COP27 failed to deliver what the science tells us was needed. With the window of opportunity closing fast on our goal of limiting global temperature rise to 1.5C or less, COP27 did far too little on the all-important issue of mitigation—that is, cutting emissions.The case for urgent action keeps getting stronger. The latest reports from the Intergovernmental Panel on Climate Change (IPCC) make for grim reading about what to expect if we let temperatures rise too much. Nowadays, though, we just need to read the newspapers to catch a glimpse of the future.The head of the key negotiating Group of 77 – 134 developing countries – was Pakistan which has been dealing with the worst floods in its history, leaving 1,717 people dead and dealing an estimated $40 billion in damage. In 2022 in the United States, there were 15 climate-related disasters which each exceeded $1 billion in costs.Meanwhile, in Africa, according to Carbon Brief’s analysis of disaster records, “extreme weather events have killed at least 4,000 people and affected a further 19 million since the start of 2022.”Since this COP was billed by some as the “Africa COP”, one could expect a strong response to such news.The pressure was therefore on at COP27 to respond to such disasters. Attending COP27 were 112 world leaders and over 300 government ministers: not as many as at COP26, but still a good number. Something like 27,000 people from governments, intergovernmental, stakeholders, and journalists also attended the COP. This was to the backdrop of the UN Secretary General warning us that we needed to “cooperate or perish,” to take urgent action to take us off “a highway to climate hell”.Messing up on mitigation: And yet progress on mitigation was modest, at best. While some delegations pushed hard for stronger commitments on cutting emissions, the appetite in some quarters just didn’t seem to be there. After being pressured to do more in Paris and Glasgow, China, India, and some of the oil-producing countries appeared reluctant to take much more in Sharm el-Sheikh.They feel developed countries, which are historically responsible for the bulk of emissions, should be doing more themselves, rather than coercing others. The result was a negotiated outcome with little more on the table than we had in Glasgow. For instance, delegates could not agree to ramp up their language on fossil fuels, much to many people’s disappointment.Read  also: <a href="https://www.nepalitimes.com/banner/taking-climate-finance-to-the-people/">Taking climate finance to the people</a>, Anne JellemaFinance: Likewise, there was not too much to report on the issue of climate finance. The $100 billion annual support for developing countries initially promoted by Hilary Clinton at the 2009 Copenhagen COP and enshrined in the Paris COP in 2015 will be reviewed in 2024 with a new figure being hopefully agreed then for 2025 implementation.The Global South has been talking of this new sum numbering in the trillions to help adapt and mitigate against climate change. And yet there were few signs of movement towards anything of that magnitude.Given that the North has still not met its pledge of $100 billion by 2020, it’s clear a lot of movement is needed in the next couple of years. Yet news from outside the conference, such as the US House of Representatives now having a Republican majority, does not bode well.For a meeting billed as the “implementation COP” where climate action was taken to another level, the news on mitigation and finance was therefore disappointing.Just prior to the start of COP27 the lead negotiator for Egypt Mohamed Nasr underscored: “science reports were telling us that yes, planning is not up to expectations, but it was implementation on the ground that was really lagging behind.”<h3>Exceeding Expectations—the Loss and Damage Fund</h3>There were some bright spots, however.Perhaps most surprising was the agreement to create a ‘Loss and Damage’ fund to help the most vulnerable countries. This has been a key issue for almost 30 years, particularly for small island developing countries.In Glasgow this looked very unlikely to be resolved in the Sharm COP, but with a late change of heart by the Europeans and eventually by the United States and others in the OECD, this is perhaps the most significant and surprising outcome from COP27. Even as recently as October, the signs were that OECD countries were not on board with calls for a new fund. However, at COP27 the “trickle” of earlier action in this area turned into a flood.Interestingly, it was Scotland at COP26 that started things off, with a modest, voluntary contribution. More recently, Denmark, Austria, New Zealand and Belgium had also financial commitments to loss and damage, now amounting to $244.5 million. Mia Mottley Barbados’ Prime Minister has called for a 10% windfall tax on oil companies to fund loss and damage caused by climate change, which could raise around $31 billion if it had been introduced for 2022. Still, the signs a fund would be agreed at COP27 had not been good.This makes the final outcome all the more welcome. The idea, the door is now open for the most vulnerable countries to receive more support. A goal has now been set to fully operationalise the fund at COP28 in a year’s time. For the most vulnerable nations, this cannot come quickly enough.Read also: <a href="https://www.nepalitimes.com/banner/climate-migration-is-already-happening/">Climate migration is already happening</a>, Nicole McCloskeyGlobal Goal on Adaptation: Another positive development, albeit on a more modest scale, was in the area of the ‘Global Goal on Adaptation’. Here, delegates agreed to “initiate the development of a framework” to be available for adoption next year.A lot of work will need to be done at the intersessional meeting of the UN Climate Convention’s subsidiary bodies in Bonn in June next year to prepare for this, including how to measure progress towards this Goal. An approach similar to the development of the Sustainable Development Goals in 2015 might be appropriate, perhaps?Article 6: Another of the Glasgow breakthroughs was that on Article 6 of the Paris Agreement on carbon markets and international cooperation. COP27 saw some solid work undertaken on how to operationalise this both in market and non-market approaches.There are still a lot of sceptics on this will have a genuine impact and how to ensure not double counting or even that any offsets are real. An approach that is more ecosystem-based than just trees is gaining momentum. Such a change, if it happens, also offers a real chance to link the two major UN conventions on climate and biodiversity.Agriculture: The work on the Koronivia Work Programme on Agriculture went down to the wire. The outcome was a four-year open-ended working group reporting at COP31 (2026). Some controversy on the term ‘food systems’ may see its first workshop address this issue.It will also look at how we can better integrate the program’s work into other constituted bodies such as the financial mechanisms of the convention. The Green Climate Fund has given only $1.1 billion for adaptation on agriculture. It says one of the major reasons for this is the:“Lack of integrated agricultural development planning and capacities that consider maladaptation risks and investment needs across the agricultural sector, climate information services and supply chains.”While these outcomes on agriculture, adaptation and Article 6 may seem modest, they should be welcomed as steps in the right direction.Coalitions of the Willing: One of the outcomes from the Glasgow COP was the launch of ‘Coalitions of the Willing’; groups of countries and stakeholders wanting to move quicker on an issue than they might under the official UN negotiations, which are consensus-driven and involve more than 190 countries. In Sharm el-Sheikh we saw a number of countries join the Methane Pledge, including Australia and Egypt. China joined the meeting on the Pledge and committed to its own national methane strategy.In Glasgow, 137 countries had taken a landmark step forward by committing to halt and reverse forest loss and land degradation by 2030. With the imminent return to leadership in Brazil of President-elect Lula da Silva, there is renewed hope that real action on the Amazon forests is possible again. Lula committed Brazil to reaching zero deforestation and was hailed as a hero by many when he turned up at COP27 during the second week.Read also: <a href="https://www.nepalitimes.com/banner/cop27-empty-promises-and-funding-failures/">COP27, empty promises and funding failures?</a> Thaif DeenMeanwhile, the Glasgow Financial Alliance for Net Zero (GFANZ)—the global coalition of leading financial institutions—committed to accelerating the decarbonisation of the economy. GFANZ, which includes over 550 of the world’s leading financial institutions, has committed to reduce their financed emissions in line with 1.5 degrees C.With $150 trillion of combined balance sheets, the accountability mechanism announced of a new Net-Zero Data Public Utility is yet to prove if it is effective in holding the finance sector to their commitments. However, if it can deliver on its potential, this could be a game changer.There was plenty more activity at COP27 where the results are harder to measure. Most people at these large UN climate summits are not negotiators and COP27 was full of “side events” and government and stakeholder pavilions each with its own set of events and agendas.Country pavilions provided a venue to talk about their challenges, issue pavilions on oceans, food, water, health, education, and resilience highlighted their issues and how they fit into the climate agenda. These enable critical issues to be discussed in a more open way than could be undertaken in negotiations.Ideas were shared, connections made, and partnerships for further action shared. The upshot of all of this activity is hard to measure, but probably considerable. The thematic days organised by the Egyptian Presidency also gave space to these issues and helped bring together ideas that may ultimately find their way into future UN decisions. In this respect, too, the quality of the side events and pavilions at COP27 exceeded our expectations.<h3>On to Dubai and COP28</h3>Was COP27 a success or failure? When it comes to keeping up with the science, the answer can hardly be positive. The call to “keep 1.5 alive” hangs in the balance and is still on “life support”. In that sense, COP27 had very little impact on our current trajectory, which is a likely warming of 2.4-2.8°C by the end of the century.On the other hand, the promise of a loss and damage fund, as well as modest successes on adaptation, Article 6, agriculture, and actions outside the official negotiations, mean COP27 delivered some bright spots of success.Looking ahead to next year, COP28 will be important as it marks the first “global stocktake” to judge where things now stand. We hope this will focus world leaders to increase their pledges (or “nationally determined contributions”) significantly. It will be interesting to see how the United Arab Emirates, as COP28 host, performs. As a major oil producer, it faces some serious challenges in transitioning to a net zero world.At COP 27, there were rumours the UAE was ramping up its team and bringing in additional external expertise ahead of next year. This is certainly a good sign if COP 28 is to deliver the kind of groundbreaking outcomes the science now demands.Felix Dodds and Chris Spence are co-editors of the new book, Heroes of Environmental Diplomacy: Profiles in Courage (Routledge Press, 2022). It includes chapters on the climate negotiations held in Kyoto (1997), Copenhagen (2009) and Paris (2015).Reprinted under an arrangement with Inter Press Service (IPS).Read more:<a href="https://www.nepalitimes.com/banner/global-crisis-local-solutions/">Global crisis, local solutions</a>, Sonia Awale <a href="https://www.nepalitimes.com/banner/make-or-break-climate-summits/">Make or break climate summits</a>, Erica Wu

COP27 a Success or a Failure?

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022120710124/639057b69c7e80680e0ce16cjpeg.jpg" alt="" width="1920" height="1080"/><figcaption>Photo: UN</figcaption></figure>The COP27 climate summit is taking place amid a rash of political, economic and environmental upheavals, including missed funding and emission targets, increased pollution and climate devastation, rising global inflation, cuts in Western development assistance and the negative after-effects of the Covid-19 pandemic and the Russian invasion of Ukraine.The summit, the <a href="https://www.nepalitimes.com/banner/make-or-break-climate-summits/">27th Conference of State Parties (COP27)</a>, scheduled for 6-18 November is billed as one of the largest annual gatherings on climate action, this time in the Egyptian coastal town of Sharm el-Sheikh.The Brussels-based Centre for UN Constitutional Research (CUNCR) predicts COP27 “will likely face the same empty promises and no actions by most big countries responsible for climate change.”In a message during the launch of the UN Environment Programme’s (UNEP) Adaptation Gap report released on the eve of COP27, Secretary-General Antonio Guterres warns “the world is failing to protect people from the here-and-now impacts of the climate crisis.”“Those on the front lines of the climate crisis are at the back of the line for support. The world is falling far short, both in stopping the growth of greenhouse gas emissions and starting desperately needed efforts, to plan, finance and implement adaptation in light of growing risks.”Read also: <a href="https://www.nepalitimes.com/editorial/which-loss-and-damage/">Which loss and damage?</a>He also pointed out that adaptation needs in the developing world are set to skyrocket to as much as $340 billion a year by 2030. “Yet adaptation support today stands at less than one-tenth of that amount. The most vulnerable people and communities are paying the price. This is unacceptable,” added Guterres.Gadir Lavadenz, Global Coordinator, Global Campaign to Demand Climate Justice (DCJ), says COP27 couldn’t be another example of how power is usurped: “It is outrageous to still see big corporations manipulating and dominating this process. Big polluters have a role to play, stop polluting and not use the climate COPs to greenwash their actions. COP27 must deliver a strong message to the world that the multilateral system can still play a role in the climate crisis.”Lavadenz also pointed out that the annual $100 billion target was not only evaded systematically by developed nations, but it has demonstrated to be insufficient to deal with the magnitude of our climate crisis and there is growing evidence of this.“COP27, unlike its predecessor, should move away from false solutions like geo-engineering, carbon offsets, nature-based solutions and others and instead focus on the matters that have the potential to impact the most vulnerable countries and groups.”Finance is not about cold numbers, but about the lives at risk in this very moment and that have no means to deal with a problem caused by the consumerist culture of a small privileged portion of this world.Read also:<a href="https://www.nepalitimes.com/banner/global-crisis-local-solutions/"> Global crisis, local solutions</a>, Sonia Awale“COP27 cannot be remembered as just another meeting, but as a moment to show progress and hope through real solutions,” says Lavadenz, who is the Coordinator of a global network of over 200 grassroot, regional, and global networks and organisations advocating climate justice.Flagging a new report from the UN Framework Convention on Climate Change (UNFCCC), UN Spokesperson Stephane Dujarric told reporters 26 October that countries are bending the curve of global greenhouse gas emissions downward, but the report underscores that these efforts remain insufficient to limit global temperature rise to 1.5 degrees Celsius by the end of the century.The report shows that current commitments will increase emissions by 10.6% by 2030 compared to 2010 levels. This is considered an improvement over last year’s assessment, which found that countries were on a path to increase emissions by 13.7% by 2030, compared to 2010 levels, “but it is still not good news”.Just 26 of 193 countries that agreed last year to intensify their climate actions have followed through, pointing Earth toward a future marked by climate catastrophes, according to the U.N. report.Meena Raman, a Senior Researcher at the Third World Network, a member organisation of Global Campaign to Demand Climate Justice (DCJ) says the $100 billion target is supposed to be $100 billion per year.“This target is not expected to be realised and is complicated by how climate finance is counted,” says Raman pointing out that the definition of what climate finance is in itself an issue being addressed at the COP.She adds: “Given that many developing countries are in debt distress, the provision of more loans which need to be paid back presents a very major problem for those countries who need the finance.”What is needed, she argues, is more grants for especially tackling adaptation needs and funds to address loss and damage.Meeting the climate finance needs of developing countries through non-debt creating instruments is critical, including through the reform and re-channeling of Special Drawing Rights as outright grants for climate finance.COP27 must not be a lost cause. It is the time for <a href="https://www.nepalitimes.com/banner/global-crisis-local-solutions/">implementing in real terms</a> the commitments made by developed countries, states Raman.US Secretary of State Antony Blinken told reporters last week: “When we were together at COP26, (in Scotland in October-November 2021), we brought forward a declaration, a statement, for the elimination or the reduction of methane gas by 30% by 2030.”Added Blinken: “We are now looking at most countries committing to this. If everyone did this, this would be the equivalent of removing all vehicles and all the ships and all the planes that are currently out in the world in terms of emissions. So, we can have a real impact. We can do what is needed to maintain the 1.5 degree Celsius rise of temperature.”Reprinted under an arrangement with Inter Press Service (IPS).Read more:<a href="https://www.nepalitimes.com/banner/make-or-break-climate-summits/">Make or break climate summits</a>, Erica Wu

COP27, empty promises and funding failures?

<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022120710124/639057359c7e80680e0ce148jpeg.jpg" alt="" width="1794" height="952"/>This November, world leaders gather in Sharm el Sheikh in Egypt to negotiate, monitor progress on targets, and implement global climate action.The United Nations Framework Convention on Climate Change, the 27th session of the Conference of Parties, called COP27 for short, will have to find ways to reduce greenhouse gas (GHG) emissions even as the global economy is hit by the aftermath of the Covid-19 pandemic and Russia’s invasion of Ukraine.Across the world, unprecedented climate disasters such as record-breaking heat waves, forest fires and floods are occurring much before predicted by scientists in previous climate summits.The problem now is to acknowledge that the pace of climate change is accelerating, and how to get governments to agree on mitigating the causes and implementing of adapting measures before it takes on even more catastrophic proportions.Hence, the COP27 Egyptian presidency has said its priority is to operationalise climate commitments from previous summits for this year’s annual conference.The UAE, scheduled to host the next summit in Dubai in 2023, has established a close partnership with Egypt to ensure the success of the UNFCCC process.Read also: <a href="https://www.nepalitimes.com/latest/nepals-greenwashing-in-glasgow/">Nepal’s greenwashing in Glasgow</a>, Rasmi BaskotaThe 2020’s has been called ‘the decade of action’, and the next few years will be critical in determining the magnitude of the consequences of the climate crisis.The most recent scientific report by the Intergovernmental Panel on Climate Change (IPCC AR6 WGIII) indicates that global GHG emissions need to be reduced by 43% by 2030 to keep warming below 1.5°C. At the previous climate summit in Glasgow last November, it was agreed that countries need to update their nationally determined commitments on reducing emissions by September 23 before COP27 to ensure emission targets are in line with the 2015 Paris Agreement.While the national commitments have clear metrics for emission targets, measurements of the need for adaptation are yet to be agreed upon. COP27 will build on the Global Goal on Adaptation (GlaSS) established in Glasgow to enhance planning and implementation of adaptation measures. At COP27, countries are expected to agree on adaptation targets, which will be a major mandated outcome for COP28.Specifying progress on adaptation goals is also essential as it provides a measure of progress every five years after the Paris Agreement. This first stock take consists of ongoing information collection and preparation, technical assessments, and consideration of outputs, or presentation and discussion of the findings and their implications, in COP28.Read also:  <a href="https://www.nepalitimes.com/banner/copout-at-cop26/">COPOUT at COP26</a>, Sonia AwaleWhile finance is the key to implementing many of these strategies, developed countries have previously failed to deliver the promised annual $100 billion goal by 2020. However, to maintain trust in this international process, COP26 President Alok Sharma previously requested Canada and Germany to take a lead on the Climate Finance Delivery Plan, which will guide developed countries to reach the annual $100 billion goal by 2023.In late October, Canada and Germany published a progress report on the plan, detailing four key collective actions: enhance transparency for doubling adaptation finance, strengthen climate finance accessibility, highlight contributions from multilateral development banks, and explore mobilisation of private finance.However, the Global South calls for progress on new climate finance goals beyond the $100 billion goal, and also wants rich countries to address ‘loss and damage’ from climate-induced disasters. Starting this year, discussions are already underway for a collective quantified goal on climate finance.In response to climate finance, UAE recognises the need to build capacity for mitigation of climate change. As the president of COP28, the UAE is investing $50 billion towards renewable energy in 40 countries and says it will invest another $50 billion over the next decade. Strengthening renewable energy capacity is crucial because currently most countries are still dependent on fossil fuel imports.The most recent IPCC report indicates that the lifetime GHG projections of existing and currently planned fossil fuel infrastructure already exceed the 1.5°C goal and would reach 2°C warming. This means that to stay at least within the 2°C goal, there should be no more new fossil fuel investments and that they should phased out to tackle the climate crisis.The UAE is still producing oil and exporting them to supply other countries’ energy demands. The recent energy crisis signals countries to depend less on fossil fuels by shifting their dependence to renewable energy sources. However, before the shift happens, the UAE will continue to export oil to other countries because many countries’ economies are still dependent on oil. This again shows that combatting the climate crisis requires ambition and collaboration between all countries to shift away from the dependency on fossil fuels.Read also: <a href="https://www.nepalitimes.com/latest/oil-rich-gulf-turns-to-renewable-energy/">Oil-rich Gulf turns to renewable energy</a>, Kunda  DixitThe UAE is the fifth largest crude oil exporting country after Saudi Arabia, Russia, Canada and Iraq. To support the international process, the UAE submitted its updated second Nationally Determined Contribution (NDC) in September. The most notable update is its commitment to reducing 31% of GHG emission by 2030, compared to their previous pledge of reducing 23.5% by 2030.This target will bring the UAE closer to its goal of reaching net zero by 2050. This on its own will not meet the global 43% reduction target of 1.5°C as indicated in the latest IPCC report. Nonetheless, this update is significant and a breakthrough in the region, which can inspire more countries to commit on more ambitious target. To raise ambition even further, the UAE plans to releasing its third version NDC in 2023.There are other critical issues also on the table in Sharm el Sheikh, including Article 6, the establishment of a carbon trading system, and loss and damage. While loss and damage has historically been assumed as part of adaptation, ongoing disasters have proven that there is a need to address the consequences of climate change separately.In past climate negotiations, the Global North and Global South have been deeply polarised. With the ongoing global economic crisis, it is unlikely that there will be a positive outcome for this topic. Nevertheless, it gives a lot of room for progress in the climate summits this year in Egypt and next year in UAE on issues like establishing a financial mechanism.As the climate crisis accelerates global impacts, time is running out. Countries thus need to scale up their climate ambition to move the negotiation forward on addressing the climate crisis.This includes abiding by agreements in past COPs and making progress between each COP to support the international process. Different topics of discussion are at different stages of progress and this progress takes place separately in meetings throughout the year.With various ongoing discussions taking place, leadership to support this overall process of addressing climate change is essential. The UAE is supporting the Sharm el Sheikh summit to prepare for next year’s COP28 and to play a leading role in averting the climate crisis.Read more:<a href="https://www.nepalitimes.com/editorial/good-cop-bad-cop/">Good COP, Bad COP</a>

Make or break climate summits

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