By KHRISNA RUSSELL

Tribune Chief Reporter

krussell@tribunemedia.net

THE United Nations Conference of the Parties (COP27) has established a loss and damage fund to aid vulnerable nations like The Bahamas in view of continued climate change and its significant impacts.

The development of the fund is considered historic and all parties have been mandated to work constructively to design and operationalise the fund over the next 12 months to have it ready by the next COP in 2023 at the Dubai Expo City.

The conference this year was held at Sharm El-Sheikh, Egypt, from November 6 to 18 where Bahamian officials, including Prime Minister Philip “Brave” Davis, Attorney General Ryan Pinder and others made various representations.

 “Today, COP27 took decisive action,” an Antigua and Barbuda representative speaking on behalf of the Alliance of Small Island States said.

 “Parties established a new loss and damage fund here and made history. This is the start of a new paradigm that truly accounts for the burdens of climate change. We live with climate impacts daily and these impacts are becoming unbearable. It’s a sad fact that the stark reality of human suffering around the world these past months due to climate change helped to strengthen our resolve here. Establishing this fund signals to the world that loss and damage will not solely be borne by those governments and people least responsible.

 “Today is a step towards climate justice. Consensus does not mean harmonious agreement and we acknowledge the flexibility shown by all parties. In particular we commend the group of 77 in China and the chair and the 194 members for the solidarity and resolve that made this momentous outcome possible, but this is not the end of the road.

 “Our journey is just beginning. We call on all parties to work constructively to design and operationalise this fund over the next 12 months. It must be ready by the next COP. Parties should elect members to the transitional committee immediately and give clear mandates for them to get the job done. This loss and damage fund must become the lifeboat that we need it to be, but it is just a lifeboat nonetheless in a brewing hurricane.

 “We travelled to Sharm El-Sheikh against the backdrop of overwhelming challenges linked to food energy and climate change crises, which is why our outcome here is significant even if inadequate against the science of 1.5,” the representative continued. “We maintained our collective commitment to phase down coal and phase out fossil fuel subsidies. The Sharm El-Sheikh outcome has pledged a double down on more rapid emissions reductions through renewable energy and more transformational adaptation to keep pace with today’s impacts.

 “However the glaring omission in the COP27 outcome for the 39 small island developing states of AOSIS if the lack of inclusion of the latest science namely that we must peak and decline global emissions before 2025 to be on track to limit warming to 1.5 and this is in line with article four paragraph one of the Paris agreement and the IPCC reports this year.

 “But this evidence based text was not agreed by consensus in the end. Political risks of a rapid climate transition have never been higher or more urgent. We can only overcome such risks through massive cooperation and collective action.”

 Over the next 12 months, parties involved will now move to establish a transitional committee on the operationalisation of the new funding arrangements for responding to loss and damage and the fund among other things.

 In September, Mr Davis called on industrialised nations who contribute heavily to climate change to pay for the hardships brought on by the phenomenon.

 Mr Davis made the comment as a panel guest at the New York Times’ Climate Week Conference.

 He said those countries heavily contributing to climate change need to “pay the bill now.”

 “We need action, and we need to find ways and means to have the industrialised world countries who have been burning fossil fuel for centuries, that have had this cloud of carbon in the air, it’s time to let them pay the bill now,” he said at the time.