Greenfith president: Climate summit failed to achieve its most important goals…and this is the only glimmer of hope

Although the COP27 climate summit ended with the announcement of the Compensation Fund, many saw the summit as failing to achieve its most important goal, which is to end fossil fuels.

Green Faith CEO Fletcher Harper attributed the failure of the summit to several reasons, including the Russian invasion of Ukraine and the intransigence of developed countries and multinational companies in supporting climate action.

Harper said that the developed countries of the world have proven – since the beginning of 2020 – that they have the money and the ability to act when they decide to, which is evident in the 14 trillion dollars they lost during the corona virus and 80 billion before the brutal Russian invasion of Ukraine.

Harper added – in exclusive remarks to the specialized energy platform – that these huge sums are in stark contrast to the very slow progress seen at the COP27 climate summit in terms of climate finance.

He continued: “The build-up to the last climate summit was not promising, as only 24 countries submitted their updated national climate pledges before the conference and financial institutions did not responsibly adhere to their pledges.”

Greenfaith CEO, Fletcher Harper

Glasgow Financial Union

Greenfith CEO Fletcher Harper explained that the Glasgow Carbon Net Finance Alliance (GFENZ) was one of the most popular climate announcements of the past 2021, as many financial institutions around the world announced their contribution to financing the reduction of carbon emissions by 2050.

only if CEO of Greenfith He believed that Russia’s invasion of Ukraine prevented this declaration, noting that rising oil prices had forced the Glasgow Alliance to back away from its members’ demands to phase out fossil fuel investments.

Harper noted that the fact that Egypt is hosting the climate summit – one of the countries in Africa most vulnerable to climate change – has helped accelerate the consensus that the issue of “loss and damage” is a top priority for the negotiations.

Harper pointed out that 3 decades ago, small developing countries first called for the establishment of a fund to help them deal with climate change, which is increasingly evident in Africa, Asia and Latin America, even though these countries are not responsible for carbon emissions. crisis.

Developed countries – including the USA – did not adequately respond to these calls, but pressure from developing countries and non-governmental organizations led to a change in this attitude.

Pakistan floods

come back Greenfith CEO Fletcher Harper is most responsible for changing the attitude of the developed country on the issue of the establishment of the Loss and Damage Fund for the leadership of Pakistan – which was killed in floods that inundated a third of its territory earlier this year.

The Pakistani wing of the climate talks spread the message that “what happens in Pakistan will not stay in Pakistan” and that recovery from these floods would cost $40 billion.

Harper said – in his remarks to the Specialized Energy Platform – that with the end of the COP 27 climate summit approaching, the European Union proposed the establishment of a loss and damage fund, and the United States agreed not to use the veto.

He said: “This decision, which required years of discussions to determine the amount of funding from each side and the existing mechanisms, was the best achievement of the summit this year.”

He added that the financing issue depends on trust between the rich and developing countries, and on a positive response from the rich, but that trust was already broken 13 years ago, when rich countries promised to pay 100 billion dollars a year until 2020 to help developing countries to adapt to the economic crisis, climate change and mitigation of warming, but has not fulfilled that promise.

A glimmer of hope

I saw Greenfift CEO Fletcher Harper The biggest failure of the COP27 climate summit was the omission of language committing to phase out fossil fuels, noting that countries had replaced it with a call to “phase out coal”, which Harper described as a “weak compromise”.

Harper explained that the fossil fuel industry has become concerned about the expansion of renewable energy sources, which are becoming cheaper than coal, oil and gas in almost every part of the world, as evidenced by the participation of 636 fossil fuel lobbyists in the summit.

He pointed out that there are more participants from the fossil fuel sector than representatives of any country in the world, with the exception of the delegation of the UAE, the host country of the climate summit COP 28 next year in 2023.

The only glimmer of hope at the summit, Harper said, was a statement issued by civil society representatives calling for an end to new fossil fuel projects, a fair phase-out of current generation and energy transition funding for communities affected by climate change.

climate summit COP27
Climate activist Crocher Martin

The biggest polluter with plastic

criticize CEO, Greenfith Fletcher Organisation Harper called for civil society and climate activist demonstrations to be limited to a postage stamp-sized area within the venue and for no public marches or gatherings to be allowed outside the venue.

Harper highlighted the spread of the soft drinks company’s products at refreshment stands inside the summit, explaining that the company, which is the world’s biggest plastic polluter, was a major sponsor of the Conference of Parties and distributed its products for free, while attendees paid for their own water.

Harper emphasized that climate negotiations over the past 30 years have failed to achieve the desired results, due to the obstacles and intransigence of rich countries and multinational companies.

He called on mass movements, civil society organizations and religious groups to take responsibility and pressure governments and financial institutions to accelerate, intensify and expand climate action for a livable future.

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