At least it’s an acknowledgment of the global problem, whereby greenhouse gas emissions from big polluters cause billions of damage in countries with far smaller carbon footprints.
There would be more applause if the overall problem weren’t so urgent. Each year that passes now feels more like five in the timespan of tackling climate change.
It still seems as though the chief culprits aren’t fully engaged with the crisis. There were no new emissions cuts and countries skirted around the main problem - fossil fuels.
Last year’s climate talks president Alok Sharma of the UK listed what was lacking: “Clear follow through on the phase-down of coal? Not in this text. A clear commitment to phase out all fossil fuels? Not in this text. And the energy text weakened in the final minutes.”
Germany’s Foreign Minister Annalena Baerbock said: “It is more than frustrating to see overdue steps on mitigation and the phase-out of fossil energies being stonewalled by a number of large emitters and oil producers”.
UN climate chief Simon Stiell of Grenada said that the plans countries had submitted on emission-cutting targets “just don’t add up”. The 2030 plans were not enough to limit global temperature rises to 1.5C above pre-industrial levels, as scientists advise.
Although the aim is for countries generally to contribute, there are great disparities on where most of the blame falls. The United States is estimated to have caused the most climate damage as a country and is one of the highest emitters per capita.
And there’s also debate over the role of energy firms. Between July and September, six energy companies made nearly US$100 billion in profits.
The European Union was the first wealthy bloc to make a U-turn on loss and damage after previously arguing alongside the US that existing funds should be used to aid vulnerable countries. After much debate at the conference in Sharm el-Sheikh, the US came on board.
The political and activist heat which forced the fund needs to be maintained. A 2009 vow by developed countries to spend US$100b annually on aid to poor nations to develop environmental energy and adaptation hasn’t been kept.
At least the loss and damage fund gives hope to the idea that power in unity and piling on pressure can bring about some results, even if they are insufficient to the moment.