COP27 highlights and lowlights

COP27 unfolded with an agreement to compensate the countries that bear the cost of climate change. However, while this is good news, a fund for loss and damage does not solve the climate crisis and COP27 failed to address in depth the urgent issue of cutting down emissions.?

At 7Analytics , everything climate is close to heart. And while very hyper-local risk prediction is what we do, we also keep a close eye on global developments; not the least the progress on the UN climate conferences. Here we share our summary of COP27 in Egypt:?

• The COP27 ended with an agreement on the creation of a fund to pay for the damages and losses derived from current climate change. However, not without strong controversy arising among potential donors and potential recipients.?
• Eyebrows were further raised due to struggles to reach an agreement on the urgent need to cut emissions by 2030.?
• The main issues of the COP27 in Sharm el-Sheikh have been 1) mitigation of global warming causes, 2) financing for adaptation actions, and 3) contributions to cover the climate change damages in the weakest and most vulnerable countries.?

Loss and damages?

At the Glasgow COP26 there was already an intention to agree the provision of financial aid to developing countries to face the costs of damages and losses associated with the adverse effects of climate change, which included only the compensation for losses but also the costs of the recovery, rehabilitation, and reconstruction. And although there was mostly consensus on the establishment of the fund for loss and damage, it was not without debate and resistance that the details of the fund regarding proportions, donors and beneficiaries have been discussed.???

Thus, an Advisory Committee has been set up to discuss and facilitate the implementation of this fund. This will be revised and approved during the next two COPs.?

Funding adaptation needs?

On the other hand, in relation to the funding for adaptation to climate change, even though the commitment at COP26 in Glasgow was to double the funding to improve the resilience of poorest countries by 2025, these amounts have not yet been remotely reached.??

An action plan endowed with 3,000 million dollars has been approved to provide, between 2023 and 2027, services that allow early warning of extreme events in countries that do not have these: “Executive Action Plan for the Early Warnings for All initiative”.?

Cutting emissions?

Finally, in relation to the 1.5C limit, nations at the COP27 struggled to reach consensus on the urgent need to substantially mitigate emissions by 2030 and becoming carbon neutral by 2050.?

It resulted in global disappointment that the COP27 has not taken any bold commitments in reducing emissions and has barely repeated a weak commitment to maintain global warming at 1.5C.???

Bottom line?

The highlights of what many believe is still a half-hearted summit despite the climate crisis we are in are:?

• It was agreed that emerging countries will be compensated by rich nations through a loss and damage fund for having to bear the cost of the climate crisis. Not without strong controversy arising among potential donors and potential recipients.?
• The 1.5C limit is still alive but the obligations needed to reduce emissions have not been strengthened.?
• An agreement to phase down all fossil fuels didn’t make it in the final text, so we’re left with Glasgow’s commitment from last year: phasing down coal. ?
• Adaptation methods must be implemented to ensure the mitigation of the worst effects of climate change. (Learn about adaptation software visiting 7Analytics). Early alert systems will be needed to protect communities and resources.?