With a warning that the growing economic crises should not delay action against the increasingly visible threats to global warming, the UN Climate Summit (COP27) continues for its second day in Sharm El Sheikh, Egypt. compensation process for the poorest countries, but also to the creation of a climate risk warning system.

As reported on Sunday, climate negotiators agreed to start talks on a funding plan to help climate-affected countries cope with mounting losses.

As the COP27 climate summit opened in Egypt, UN climate chief Simon Steele said that decades-old concrete action to combat emissions and climate risks could no longer be expected as the dangerous consequences worsened. “There is no crisis as critical and devastating as climate change,” he said.

“Wars will end, inflation, the cost of living, energy crises will also end. But what we are seeing… around the world (is that) climate change is always present and it will get worse,” he stressed.

Wealthier governments, whose large emissions have been a major climate driver in the past, are expected to offer funding to support the Global Shield at COP27, which will expand insurance coverage and early warning systems for poor countries.

Leaders Summit

Around 110 leaders are expected to gather at COP27 on Monday and Tuesday for a two-day summit that COP27 organizers hope will help develop new ambitions to reduce emissions and increase funding for clean energy and climate resilience.

But organizers said key leaders from some of the biggest greenhouse gas emitters, including China and India, would be absent. US President Joe Biden will attend at the end of the week following the US midterm elections on Tuesday.

Mr. Steele from the Caribbean nation of Grenada stressed that with the group of largest G20 countries responsible for 80% of global emissions and 85% of global GDP, it is clear who should lead COP27 and take the lead in combating climate change . . “Wealth, technology, means to solve the necessary tasks are there,” he said.

Source: Reuters.