France welcomes progress, but regrets ‘lack of climate ambition’

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09:41 : We will come back to the reactions to the conclusion of this COP27 shortly afterwards. Meanwhile, my colleague Thomas Baïetto has summarized in detail what should be retained from the final agreement.

(AHMAD GHARABLI/AFP)

09:38 : On the other hand, the final COP27 agreement has disappointed many countries, because it does not set any new ambition to reduce greenhouse gas emissions. It makes no new promises on phasing out fossil fuels, including no mention of oil and gas. The goal of limiting warming to 1.5°C compared to the pre-industrial era has not been abandoned, as some countries such as France feared yesterday, but it has not been strengthened. And the European Union, which was calling for a commitment to peak emissions in 2025, has not won.

09:32 : The final text of COP27 announces the creation of a fund to compensate losses and damages, but leaves many questions unanswered. A committee of 14 countries from the South and 10 from the North must implement the project by COP28. It must be ensured that rich countries actually contribute to this fund, even if they have not always honored their previous financial commitments and the national political context is not always favorable to this. The agreement leaves open the possibility that organizations such as the International Monetary Fund or the World Bank will get their hands dirty. And don’t decide the place of countries like China – it’s a developing country, like the UN class, set to benefit from this fund, or the current top emitter of greenhouse gases, intended for feed.

09:39 : This is the first time that an international agreement recognizes the responsibility of the most developed countries towards the most vulnerable. And the first time a fund has been created to offset this liability. That is why last night this agreement was greeted with applause and described as historic by many participants. This is “a decisive first step towards the goal of climate justice”reacted on Twitter Shehbaz Sharif, prime minister of Pakistan, one of the countries that worked to put this issue at the center of COP27, in a year in which it was hit by floods that caused 1,700 deaths and displaced millions.

09:20 : The most notable point of this agreement is the decision of “create a loss and damage response fund.” As we explained to you at the beginning of the Summit, this expression refers to the inevitable damage that some countries are suffering or will suffer as a result of climate change. Indeed, the most vulnerable countries are often the poorest, and the rationale for this fund is that it is provided by the richest countries and those that emit the most greenhouse gases, today and since the beginning of the industrial age.

09:16 : As often happens, the COP went into extra time: when it was supposed to end on Friday, it was finally at 5am (Paris time) that a final text was adopted, after a day in which negotiations all but collapsed.

09:13 : The participants of COP27 in Sharm El-Sheikh (Egypt) have adopted an agreement, which creates a fund to help poor countries most affected by climate change.

09:10 : Let’s start by recalling the information of the last few hours, and there’s a lot of it:

The states present in Egypt have reached an agreement, in which the developed countries commit themselves for the first time to the creation of a fund to compensate “the losses and damages” of the poorest and most vulnerable countries. A historic text, but insufficient in the eyes of many participants, due to the lack of new commitments to reduce greenhouse gas emissions.

A few hours before the opening of the most controversial and disproportionate World Cup in history, Ballon d’Or Karim Benzema announced his package: the Blues striker injured his thigh yesterday on the bench. It is not yet known whether Didier Deschamps will call up a player to replace him.

Billionaire Elon Musk, who had made it one of his warhorses in his desire to buy Twitter, has lifted the suspension of former US President Donald Trump. The latter, a candidate in the next presidential elections, assures that for the moment he wants to favor another network, Truth Social.

Turkey has announced the launch of an air operation against the Kurds in northern Iraq and Syria, unveiled as a response to an attack on Istanbul last week.

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