Polarization between countries may delay the end of COP27

The lack of consensus among negotiators from the more than 190 countries present at COP27, in Sharm el-Sheik, Egypt, could prolong the conference, which is scheduled to end this Friday (18).

Negotiators heard by CNN Brazil claim that the discussions, especially between richer countries and developing nations, are very “polarized”.

There have been no major breakthroughs this week on the three main points of the conference, which are:

• financing to combat climate change;
• proposals for adapting to the new world reality;
• compensation to countries that have already suffered loss and damage from extreme weather-related episodes.

Not by chance, the three points are directly related to funds and financial resources.

Developing countries adopted a very strong and compact position at this COP27, demanding that the developed world open its pockets and fulfill old promises of financing and aid to the poorest nations.

This group is known in the climate negotiations as the G-77 – although it comprises 130 developing nations. Brazil, one of the members of the group, decided to act in this block during COP27, helping to strengthen its proposals.

What the G-77 requires

The G-77 requires, for example, the creation of a compensation fund for countries that have already suffered damage. The rich, for their part, resist the pressure and are trying to postpone the creation of this mechanism until at least 2024.

The United States, in particular, has been very resistant to the proposal to create the fund at this time. Among the reasons for the resistance are the economic implications of the war in Ukraine – among them the increase in global energy prices and the cost of military aid to the Kiev government.

In addition, President Joe Biden’s government must also face opposition from the US Congress to release funds to other countries, especially now that the Republican opposition will very likely come to dominate the House of Representatives in Washington.

There have already been advances in several specific issues, such as the creation of more transparent measures for the control of greenhouse gas emissions and other items of technological cooperation between several countries.

But the financial issue remains the main obstacle to an agreement.

Negotiators already hope that COP27 will not end this Friday, as scheduled, but will advance through Saturday. Some, more pessimistic, even talk about the possibility of the talks reaching Sunday.

In any case, the various countries are still looking for some minimal agreement that can help everyone characterize the Climate Summit in Egypt as a success – at least in relative terms.