At the COP27 climate conference early on Sunday (November 20), nations signed a contentious final deal that establishes a fund to aid impoverished nations suffering from climate catastrophes but does not step up efforts to reduce the emissions that cause them. After difficult talks that lasted all night, the Egyptian COP27 chair made the final language of the agreement public and convened a plenary meeting to swiftly approve it.
Final declaration and historic agreement on “loss and damage” from climate change are the two primary texts adopted by the delegates.
Here are the key takeaways from the two papers, which outline promises on greenhouse gas emissions, global warming, and energy as well as funds to assist developing nations in coping with the terrible effects of climate change.
Final declaration
COP27 “emphasises the urgent need for immediate, deep, quick and sustained reductions in global greenhouse gas emissions,” which contribute to global warming.
Antonio Guterres, the secretary-general of the UN, lamented a failure to “dramatically decrease emissions today.”
The final statement reiterates the Paris Agreement’s temperature target of keeping the rise in the world’s average temperature to well below two degrees Celsius over pre-industrial levels and pushing initiatives to keep it to 1.5C.
Resolving to continue efforts to keep the temperature increase to 1.5C, it also “reiterates that the repercussions of climate change will be significantly lesser at the temperature increase of 1.5C compared with 2C.”
Parties are urged by COP27 to “accelerate…efforts towards the phase-out of wasteful fossil fuel subsidies and the phase-down of unabated coal power.”
Instead of only mentioning subsidies, some nations attempted to discuss lowering the usage of oil and natural gas.
Emissions from coal-fired power plants that are “unabated” are those that are not syphoned off to keep them from entering the atmosphere.
Additionally, the document asks for quickening “fair and sustainable transitions to renewable energy.”
Parties “decide to establish new finance arrangements for aiding developing countries in responding to loss and damage, including by giving and assisting in mobilising new and additional resources.”
Additionally, they “decide to establish a fund for addressing loss and damage.”
The rules for the new financial arrangements will be laid down by “a transitory committee,” and the “sources of money” will be determined.
The committee’s suggestions would be made available “for deliberation and adoption” at the COP28 conference in Dubai the following year.
How is the world reacting?
The “loss and damage” fund established at the climate summit in Egypt, to aid vulnerable nations in coping with the devasting effects of climate change garnered praise but, there was also resentment about the inability to continue to fight for emission reductions in order to maintain the aspirational target of keeping global warming to 1.5 degrees Celsius over pre-industrial levels.
These are a few of the responses:
UN Secretary-General Antonio Guterres:
#COP27 has taken an important step towards justice.
I welcome the decision to establish a loss and damage fund and to operationalize it in the coming period.
Clearly this will not be enough, but it is a much-needed political signal to rebuild broken trust. pic.twitter.com/5yhg5tKXtJ
— António Guterres (@antonioguterres) November 20, 2022
Egyptian Foreign Minister Sameh Shoukry, COP27 chairman:
“My friends, we heard the call and we responded.”
“Millions around the globe can now sense some glimmer of hope that their suffering will finally be addressed appropriately.”
Fijian Prime Minister Frank Bainimarama:
“From the bottom of my heart, vinaka vakalevu (thank you very much) to our tireless Pacific negotiators for securing a loss and damage fund at COP27.”
“You represent those who stand to lose the most to this crisis, and you have fought the hardest to see climate justice delivered.”
Alok Sharma, chairman of Britain’s COP26 presidency:
“Emissions peaking before 2025, as the science tells us, is necessary. Not in this text. 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.
“Each of us will have to explain that, to our citizens, to the world’s most vulnerable countries and communities, and ultimately to the children and grandchildren to whom many of us now go home.”
French Energy Minister Agnes Pannier-Runacher:
“The COP27 agreement may not meet the ambitions of France and the European Union, but it preserves the most vital thing: It underlines the aim of limiting global warming to 1.5C and urges countries to make extra efforts from 2023.”
(With inputs from agencies)
