New clause defines in more detail those countries likely to benefit from new fund – China welcomes ‘constructive Sino-US talks’
New draft of its joint communique COP27 released on the financing of arrangements to help the poorest countries hit by climate disasters states that they will be supported “those who are particularly vulnerable to negative consequences of climate change”.
The new clause defines in more detail than previous reports those countries that may benefit from the new fund the establishment of which was proposed during the talks in Sharm el-Sheikh.
Developing countries’ call for a climate damage fund has dominated UN negotiations over the past two weeks, pushing ahead of the conference’s scheduled shutdown on Friday as countries scramble to reach a deal.
After years of resistance from rich countries to climate-vulnerable countries’ calls for “loss and damage” funding, the European Union said on Thursday it would back a new fund if high-emitting emerging economies such as China pay for it too, instead of only historically high polluting regions such as the EU and the US.
China welcomes ‘constructive Sino-US talks’
China’s climate envoy Xie Zhenhua has described as “very constructive” the resumption of official talks with his US counterpart John Kerry that end a freeze on cooperation between the two countries, both of which are the world’s biggest polluters.
The two officials met on the sidelines of the UN Climate Change Conference (COP27) after US President Joe Biden and his Chinese counterpart Xi Jinping agreed to renew cooperation on climate change during the G20 summit in Indonesia. .
Beijing, angered by House Speaker Nancy Pelosi’s visit to Taiwan, broke off the talks in August.
Cooperation between the two countries is necessary and has in the past had results during international climate conferences, such as the 2015 Paris conference, which proved to be important in addressing climate deregulation.
The talks were “frank, friendly, positive and overall very constructive,” Xie said.
“We agreed to continue after this COP our talks with tete-tete meetings,” the Chinese official said, adding that he has known John Kerry for more than two decades.
But he pointed to differences that remain with Western countries and rejected the idea that China – which has become the world’s second largest economy – is no longer considered a developing country.
According to the 1992 UN treaty, developed countries must financially assist developing countries in their energy transition and adaptation to climate change.
The Paris treaty, Xie said, also provides “clearly that the responsibility for financial aid rests with developed countries.”
The issue was at the center of a heated debate at COP27 over the creation of a “loss and damage” fund for the poorest countries hit by climate disasters.
The European Union has argued that China and Saudi Arabia in particular, which have grown significantly richer over the past 30 years, must now put their hands in their pockets. He also insisted that the fund should be reserved for “vulnerable” countries, implying that China was excluded.
“I hope it will be for the fragile countries first. But the beneficiaries should be the developing countries” as a whole, Xie said, meaning that China is included.
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