Organizing COP 27

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Organizing COP 27

Recently COP 27 is being organized in Sharm el-Sheikh, Egypt. The representatives involved have agreed to discuss climate-related compensation.

Also, for the first time in the COP27 climate summit, climate compensation has been included on the agenda.

  • The move reflects a renewed sense of solidarity towards the victims of climate-related disasters.
  • Climate Compensation: It is the money provided by developed countries as compensation to vulnerable and low-income countries against global warming.
  • These compensated countries also contribute little to global warming.
  • Conference of the Parties (COP): It is the apex decision-making body of the United Nations Climate Change Framework Convention (UNFCCC).
  • Last year, high-income countries blocked a proposal for a loss and damage funding body in COP-
  • However, it favored holding of negotiations for three years to discuss the financing of loss and damage during this period.
  • It may be noted that COP-26 was organized in Glasgow.
  • Loss and damage discussions no longer on the agenda in COP-27 will include liability or obligation to compensate.
  • However, it intends to reach a final decision ‘by the year 2024’.
  • This also becomes of utmost importance in view of the increasing extreme climatic events. This is because these events cause widespread economic and non-economic losses.
  • Earlier, the Warsaw International Mechanism for Loss and Damage during COP-19 was established.

Challenges:

Determine the extent of the contribution of climate change to a natural disaster; and

Compensation amount for disasters likely to rise to billions.

United Nations Framework Convention on Climate Change (UNFCCC):

  • The UNFCCC sets out the basic legal framework and principles for international climate change. It is the parent treaty of the Kyoto Protocol (1997) and the Paris Agreement (2015).
  • It was adopted in the year Its secretariat is in the city of Bonn, Germany. Almost all countries (198 countries including India) are its members.

Major COP Conferences-

  • The Warsaw International Mechanism (WIM) was established at COP
  • COP21 covers loss and damage in Article 8 of the Paris Agreement.
  • Fiji Clearing House was launched at COP
  • WIM was reviewed at COP25 and the Santiago Network was established to provide technical support.
  • At COP26 the Santiago network methodology was agreed and the Glasgow Dialogue was established.
  • The institutional arrangement for the Santiago network was finalized under COP

Source – The Hindu

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