Daily Times

Small island states whose existence is threatened by rising seas insist they will not leave UN climate talks without a fund to contain the impacts of global warming, a chief negotiator told AFP Wednesday. Financing has become a hot-button issue at the COP27 climate talks, with developing nations demanding rich polluters pay for climate-change linked calamities that are already devastating vulnerable populations, known as “loss and damage”. Rising sea levels, driven by warming, threaten to eventually swallow some small island states — and for them the issue of compensation for cultural and economic losses is crucial.

“We have given up a lot,” said Conrod Hunte of Antigua and Barbuda, lead negotiator for the Alliance of Small Island States (AOSIS). “For us to walk away… from here with nothing is not an option.” On Tuesday, the G77+China bloc of more than 130 developing nations presented a document saying the need for a specific loss and damage fund was “urgent and immediate”. The United States and the European Union agreed to allow the issue onto the formal agenda at COP27 this year.

The large historical polluters fear open ended liabilities and have made clear their reluctance to create a fund immediately, preferring discussion on the details to continue into next year and maybe to 2024. But the G77+China bloc want the fund to be agreed upon at this meeting, with the details worked out in time for next year’s COP28 in Dubai. Apart from relatively small pledges from a handful of developed countries and regions, little has been discussed on the potential level of funding, and where it would come from. “It’s important that we have a fund and have a fund established at this COP to keep the momentum going,” Hunte said.