A new draft of the text negotiated at COP26, the UN Conference on climate change, was published this Friday morning (12), with advances in the proposals that seek to regulate the Paris Agreement and increase the ambition of climate goals.
Among the advances for the climate agenda, the text proposes the goal of doubling funding for actions to adapt to climate change in developing countries by 2025, compared to the amounts collected in 2019.
The aim is to balance efforts between mitigation and adaptation. In general, donor countries prefer to invest in actions that reduce carbon emissions, while the measures that need to be taken to ensure the security of territories in the face of climate change are up to each country, increasing the inequality in the countries’ conditions to deal with with the weather.
The document recognizes the impacts that extreme weather events are already causing in developing countries. In negotiations that lasted until the end of Thursday night (11), countries most vulnerable to the climate and the developing bloc (G-77 plus China) proposed a fund aimed at damages, which was resisted by the responsible developed countries. for climate finance.
This morning’s text came out with the resolution of a loss and damage fund within a “technical assistance institution”, which was interpreted as a way of funneling the amount that could be allocated to an area of ​​incalculable expenses, since the losses can be, in the most catastrophic scenarios, irreparable.
The mention of the end of subsidies to fossil fuels, proposed in the draft published last Wednesday (10), underwent changes that, according to observers at the negotiations, would have the signature of the oil and coal lobby.
The phrase calling on countries to “accelerate the elimination of fossil fuel subsidies” was replaced by a broader call, which speaks of accelerating a “low-emissions energy system”, inhibiting only coal whose emissions are not offset and subsidies that are “inefficient”. The gaps allow the sector to continue operating with technologies sold as “cleaner and more efficient”.
The items of transparency, timeframes and carbon market, pending for the conclusion of the Paris rulebook, remain with little definition, but there is optimism about the possibilities of negotiation.
Negotiators and observers heard by the report believe that it will be possible to conclude the regulation of article 6 (carbon market) at this conference and that technical differences on transparency and time frames can be resolved with languages ​​that accommodate the different possibilities of countries.
The text is subject to consultation by the countries throughout the day and is yet to present new versions by the end of the UN climate conference. Although the meeting officially ends this Friday, the forecast is that the negotiations will extend until Saturday (13th).
The journalist traveled at the invitation of Instituto Clima e Sociedade.
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