COP27 summit strikes historic deal on ‘loss and damage’ fund

COP27 summit in Egypt ended talks in the early hours of Sunday, signing a final consensus document at dawn in Sharm el-Sheikh. In a historic first, nations have agreed on a fund that will help pay for damage caused by climate change to vulnerable countries. The agreement is a great victory for the poorest nations, which have long called for financial aid.

The agreement also kept alive the goal of limiting global warming to 1.5 degrees Celsius (2.7 Fahrenheit) during pre-industrial times, which scientists have warned could soon be exceeded.

Indigenous peoples

COP27 brought together more than 45,000 participants to share ideas and solutions, and build alliances and coalitions. Indigenous peoples, local communities, cities and civil society, including youth and children, showed how they are dealing with climate change and shared how it affects their lives.

The decisions made here today also emphasize the critical importance of empowering all stakeholders to engage in climate action; in particular, through the five-year action plan on Action for Climate Empowerment and the mid-term review of the Gender Action Plan. These results will allow all Parties to work together to address imbalances in participation and provide stakeholders with the necessary tools to drive greater and more inclusive climate action at all levels.

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Young people, in particular, had a greater role at COP27, and the Executive Secretary of UN Climate Change promised to urge governments not only to listen to the solutions proposed by this group, but also to incorporate them into decision-making and in policy formulation. . Younger people made their voices heard through the first Children and Youth Pavilion, as well as the first Youth-led Climate Forum.

1.5-degree goal remains, but no new emissions curbs

The final deal recommits to the Paris Agreement goal of limiting global warming to 1.5 degrees Celsius (2.7 Fahrenheit) compared to pre-industrial levels.

The EU threatened to pull out of the negotiations at one point, saying the commitments on emissions reductions lacked ambition and would fail to limit warming to 1.5°C, a target reaffirmed at the Glasgow summit in 2021.

The current action has the world on track for up to 2.7C warming, which would lead to widespread drought, water shortages, famine and coastal flooding.

The final text, however, does not include new targets to curb fossil fuels or limit greenhouse gas emissions.

Instead, the text urges countries to “consider further actions to reduce by 2030 emissions of greenhouse gases other than carbon dioxide, including methane.” He also repeated calls for a “phasing down” of coal, as agreed at the climate talks in Glasgow a year earlier.

India, backed by the EU and Britain, had insisted that the final text call on countries to phase out all use of fossil fuels, rather than just coal. The Glasgow agreement established a “relentless” move away from coal, with no mention of oil or gas. Undiminished coal means burning fossil fuel without capturing or storing carbon.

The weaker language of phasing out, rather than also phasing out, also leaves “tanker-truck-sized holes” for more fossil fuel projects, said Nikki Reisch, director of climate and energy at the Center for International Environmental Law. US based

Some of the other key outcomes of COP27 are summarized below.

Technology

A new five-year work program to promote climate technology solutions in developing countries was launched at COP27.

Mitigation

COP27 made significant progress in mitigation work. A work program on mitigation was launched in Sharm el Sheikh, aimed at urgently increasing the ambition and implementation of mitigation. The work program will start immediately after COP27 and continue until 2030, with at least two global dialogues held each year. Governments were also asked to review and strengthen the 2030 targets in their national climate plans by the end of 2023, as well as accelerate efforts to phase out unused coal power and remove subsidies for inefficient fossil fuels.

The decision text acknowledges that the unprecedented global energy crisis underscores the urgency of rapidly transforming energy systems to make them more secure, reliable and resilient, accelerating clean and just transitions to renewable energy during this vital decade of action.

world stock

The delegates of the United Nations Conference on Climate Change (COP27) concluded the second technical dialogue of the first world balance, an important target-setting mechanism under the Paris Agreement. The Secretary General of the United Nations will convene a “climate ambition summit” in 2023 before the balance concludes at COP28 next year.