COP27: Seeking agreements between mitigation and adaptation
November 14, 2022
COP27 in Sharm el-Sheikh, Egypt, enters its second week with little certainty about the agreements that will emerge from the negotiations. On the one hand, there is a need for industrialized economies to be more decisive in their commitments to reduce emissions, and, on the other, developing countries—which have historically polluted less—are demanding more financing for adaptation measures.
One of the hot spots of the discussions taking place in Sharm el-Sheikh is the concept of loss and damage, which pits the vision of industrialized countries against emerging regions.
The notion refers to economic losses caused by global warming (e.g. homes or businesses), non-economic damage (such as deaths or erosion of biodiversity), and whether the most polluting countries should finance the countries that suffer the worst effects of climate change.
Loss and damage is a historical claim of developing regions, which have contributed very little to climate change, and need adaptation measures. In Latin America and the Caribbean, natural disasters such as floods, droughts, hurricanes, generate losses of up to 3% of GDP.
According to a report by the Loss and Damage Collaboration, the 55 economies most vulnerable to climate change experienced losses of more than USD 500 billion over the past 20 years, a figure that could increase exponentially in the coming years.
At the same time, the second week of negotiations must also set new emission reduction commitments for all countries, and produce agreements to decarbonize transport, migrate to renewable energy faster, expand sustainable agriculture practices or improve financing for adaptation measures.
At CAF, we are trying to position Latin America as a decisive player in the global fight against climate change, since it is home to nearly 60% of biodiversity, 50% of primary forests and 28% of the land with potential for agriculture. The planet needs the region’s leadership to ensure its own survival, and the region must leverage this position to achieve sustained economic growth that will help it overcome structural gaps in poverty, competitiveness and inclusion.
International support, regional consensus and the integration of all voices are essential, including those of indigenous communities, whose ways of life represent a benchmark for respect for the environment, political determination and joint work to promote nature-based measures that help preserve natural ecosystems.
CAF during week one of COP27
CAF’s participation in the first week of COP27 has sought to raise the voice of Latin America and the Caribbean and promote alliances to help it become a region of climate solutions. To this end, we have had an agenda of events and bilateral meetings with key stakeholders in the fight against climate change, including notably the following: