COP27: Rwanda says hopes for establishing loss and damage fund in line with Paris Agreement fading

Rwanda_Negotiators

The Deputy Director General of Rwanda Environmental Management Authority (REMA)and Rwanda’s Lead negotiator at global climate talks in Sharm El Sheikh on Friday pointed out that Rwanda and other vulnerable countries had much expectation in securing a decision of adopting the establishment of loss and damage fund but hope is fading.

“Negotiations are going well in some items and not well in other items,” said Munyazikwiye as negotiators are working round the clock to secure deal on loss and damage facility which has become apple of discord between North and South.

Speaking during a brief interview, the senior Rwandan official said that this item on the establishment of loss and damages facilities is not going well and developed countries are still far to have consensus on this decision.

Africa is in a last-minute dash to secure far-reaching climate deals, including a critical finance facility for the loss and damages states have borne due to extreme weather

At its briefing, the African Group of Negotiators (AGN) said its pushing to insert a compromise deal in the COP27 outcome document to help the states worst hit by climate change to blunt the fallout.

But getting delegates to settle on a package of loss and damage facility is proving problematic, with rich nations asserting an existing mechanism (a 2001 Adaptation Fund) to address the issue. However, African diplomats argued that the fund has, like many other efforts, failed to deliver measurable results.

Announcing a total of UU$105.6 million in new funding, Denmark, Finland, Germany, Ireland, Slovenia, Sweden, Switzerland, and the Walloon Region of Belgium, stressed the need for even more support for the Global Environment Facility funds targeting the immediate climate adaptation needs of low-lying and low-income states.

Additionally, states, including Belgium, Canada, France, the United States, and the European Commission, signaled political support for the two funds. Some expressed an intention to contribute further in the coming months.

Earlier this year, the Global Environment Facility member countries endorsed a new strategy for both funds so they can provide more targeted, dedicated support for climate-vulnerable countries as they work to build a more resilient future and implement their National Adaptation Plans.

The Global Environment Facility programming strategy for the next four years anticipates that the Least Developed Countries Fund will provide between US$1 billion and US$1.3 billion for LDCs and that the Special Climate Change Fund will provide between US$200 million to US$400 million for Small Island Developing States and other climate-vulnerable developing states.

On the sidelines of COP27 in Sharm El Sheikh, Rwanda and Germany signed a new funding agreement of 46 million Euros that will be available to government institutions working to implement Rwanda’s climate action plan, also known as the Nationally Determined Contribution (NDC) to the Paris Agreement.

Rwanda has set a target to reduce greenhouse gas emissions by 38% by 2030 compared to business as usual. This is equivalent to an estimated mitigation of up to 4.6 million tonnes of carbon dioxide equivalent (tCO2e).

Estimates indicate that the cost of the plan is fixed USD 11 billion, made up of USD 5.7 billion for mitigation and USD 5.3 billion for adaptation. It is expected that 40% of this investment will come from domestic sources and 60% from external sources across all sectors.

This article has been published with the support from MESHA/IDRC grant for COP-27 coverage
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