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
