The Globe and Mail offers the most authoritative news in Canada, featuring national and international news
The UN’s climate conference in Egypt limped over the finish line Sunday morning with a commitment to launch a fund to compensate poor countries suffering from catastrophic climate-change events. The breakthrough spared the COP27 event from total collapse.
“COP27′s key steps toward a loss and damage fund are deeply marred by the lack of progress on fossil fuels,” said Colin Rees, the United States campaign manager of Oil Change International, an environmental group pushing for the end of fossil fuels. “Despite unprecedented discussion of equitably phasing out oil, gas and coal, the end result was yet another COP without formal recognition that Big Oil is driving the climate crisis.
Still, the breakthrough on the loss and damage fund constitutes a big win for poor countries on the front lines of radical climate change. The logjam was broken on Saturday, when the United States said it would not block such a fund. For decades, the United States has resisted the idea of idea for fear of being on the hook for endless liability claims from hard-hit countries. The U.S. move came two days after the European Union, fearing a COP27 collapse, said it would support the fund.
Pushing for the creation of the fund became the developing countries’ crusade during the two weeks of fraught talks at COP27, whose outright failure appeared to go from possible to likely in the chaotic, frustrating final days. Near the end of the two-week summit, UN Secretary-General António Guterres made an emergency visit to plea for progress. “There is clearly a breakdown in trust between north and south,” told the media. “This is not time for finger-pointing.
At COP27, the head of the Chinese delegation, Xie Zhenhua, insisted that China had no obligation to provide financial assistance to poor countries. He said a “loss and damage fund, if there is any fund, the responsibility to provide funds lies with developing countries. It is their responsibility and obligation.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian response to U.S. Inflation Reduction Act should boost 'certainty' for investors, says advocacy groupThe landmark United States Inflation Reduction Act poses economic challenges and opportunities for Canada, say observers, but a chief response to the American law incentivizing industrial decarbonization must be to address the investor “certainty” it creates in contrast to the Canadian regime. Michael Bernstein, executive director of Canadians for Clean Prosperity, said the certainty the Inflation Reduction Act (IRA) provides is “one of the most significant” ways the act could “attract a lot of capital, both money and people … to the U.S. that might otherwise go to Canada or stay in Canada.” “It’s not that Canada isn’t spending a lot of money on climate or doesn’t have some strong economic incentives,” said Bernstein, whose organization advocates for a market-based approach to climate policy. “But the U.S. policy is designed in a way that provides a lot of certainty to investors, and clarity to investors on what funding or what support they’re going to get by investing in decarbonization.” MPs discussed the Canadian government’s response to the IRA at a Nov. 15 House International Trade Committee meeting, questioning witnesses on the advantages the act gives American companies in fields related to decarbonization, such as manufacturing batteries for electric vehicles. NDP MP Taylor Bachrach (Skeena-Bulkley Valley, B.C.) asked if Canada needed “a concerted strategy around the zero emission vehicle and battery supply chains” given incentives offered in the act for the production of batteries for electric vehicles. NDP MP Taylor Bachrach asked if Canada needs ‘a concerted strategy’ around electric vehicle and battery supply chains, in response to incentives offered in the IRA. The Hill Times photo by Andrew Meade Conservative MP Tony Baldinelli (Niagara Falls, Ont.), said the IRA “takes an enabling approach” to decarbonization through incentives, while he characterized Canada as “having more of a carrot and stick approach.” Rachel Samson, an economist who serves as vic
Read more »
Canadian response to U.S. Inflation Reduction Act should seek to boost 'certainty' for investors, says advocacy groupThe landmark United States Inflation Reduction Act poses economic challenges and opportunities for Canada, say observers, but a chief response to the American law incentivizing industrial decarbonization must be to address the investor “certainty” it creates in contrast to the Canadian regime. Michael Bernstein, executive director of Canadians for Clean Prosperity, said the certainty the Inflation Reduction Act (IRA) provides is “one of the most significant” ways the act could “attract a lot of capital, both money and people … to the U.S. that might otherwise go to Canada or stay in Canada.” “It’s not that Canada isn’t spending a lot of money on climate or doesn’t have some strong economic incentives,” said Bernstein, whose organization advocates for a market-based approach to climate policy. “But the U.S. policy is designed in a way that provides a lot of certainty to investors, and clarity to investors on what funding or what support they’re going to get by investing in decarbonization.” MPs discussed the Canadian government’s response to the IRA at a Nov. 15 House International Trade Committee meeting, questioning witnesses on the advantages the act gives American companies in fields related to decarbonization, such as manufacturing batteries for electric vehicles. NDP MP Taylor Bachrach (Skeena-Bulkley Valley, B.C.) asked if Canada needed “a concerted strategy around the zero emission vehicle and battery supply chains” given incentives offered in the act for the production of batteries for electric vehicles. NDP MP Taylor Bachrach asked if Canada needs ‘a concerted strategy’ around electric vehicle and battery supply chains, in response to incentives offered in the IRA. The Hill Times photo by Andrew Meade Conservative MP Tony Baldinelli (Niagara Falls, Ont.), said the IRA “takes an enabling approach” to decarbonization through incentives, while he characterized Canada as “having more of a carrot and stick approach.” Rachel Samson, an economist who serves as vic
Read more »
Globe editorial: On Chinese election interference, the Trudeau government is talking loudly and doing nothingThe Trudeau government is in the midst of a long-overdue reappraisal of its relationship with China. Canada needs substantial action to change our laws so that foreign powers cannot mess with our democracy
Read more »
Canada aims for respect in talks with China even as relations difficult: Mary NgOttawa will maintain a respectful relationship with China, International Trade Minister Mary Ng said Thursday, although she warned that Canada’s biggest…
Read more »
Bureaucrats who froze bank accounts of Freedom Convoy leaders weren't trying to 'get at the family'Bureaucrats who froze bank accounts of Freedom Convoy leaders weren't trying to 'get at the family' cdnpoli
Read more »
WORLD CUP NOTES: Alphonso Davies to rejoin Canada in QatarDavies was still in Germany receiving treatment on a hamstring strain sustained while playing with Bayern Munich.
Read more »