What exactly is COP27 (and what are future COP's?) and what key events happened during it?
What is COP27 and what happened?
The United Nations (UN) holds annual climate summits, known as COPs or "Conferences of the Parties," for governments to agree on measures to address climate change.
COP27, the 27th annual meeting, was held in Sharm el-Sheikh, from November 6th, through to November 18th. It brings together countries that signed the original UN climate agreement in 1992.
The latest round of UN climate talks, known as COP27, opened with familiar warnings about the worsening impacts of climate change and a lack of progress in reducing emissions. UN Secretary-General António Guterres stated that the world is "on a highway to climate hell with our foot on the accelerator." These warnings exacerbated the longstanding distrust between developing and developed countries at the talks.
One major achievement at COP27 was the breakthrough on the issue of loss and damage, or impacts of climate change that cannot be adapted to, such as sea-level rise and ecosystem collapse. Developing countries have long argued that they should receive financial support from developed countries for reparations, as they have contributed the least to the problem yet are suffering the most from its impacts. For the first time, developed countries acknowledged the need for funding for loss and damage and agreed to establish a fund to address the issue. Approximately €340 million in new pledges for loss and damage were made, including from the EU, New Zealand, and Canada.
However, the talks were overshadowed by the strong presence of oil and gas interests, with 636 lobbyists from these industries registered at COP27. Campaigners also warned that oil and gas companies are planning production expansion that could result in 115 billion tonnes of CO2 being released, equivalent to more than 24 years of US emissions. This highlights the ongoing struggle to phase out fossil fuels, a key demand of developing countries at the talks.
In addition to the divide between developed and developing countries, the concept of "climate justice" emerged as a key theme at COP27. Developing countries called for a just transition to a low-carbon economy, as they bear the disproportionate burden of climate change impacts. Despite these challenges, the talks ended with a pledge to continue negotiations and reach a global climate agreement as soon as possible. It remains to be seen what concrete actions will be taken to address the urgent threat of climate change.
Here are some additional, key takeaways from the conference:
25 new cooperative initiatives were launched in sectors such as agriculture, steel, hydrogen, road transportation, and electricity.
A $3.1 billion plan was announced to develop extreme weather event warning systems over the next five years.
A study was released with guidelines for businesses, financial institutions, cities, and regions to make credible and responsible net zero commitments.
The G7 and the V20 (also known as "the Vulnerable Twenty") launched the Global Shield against Climate Risks.
Several countries and regions announced a total of $105.6 million in new funding for the Global Environment Facility, which supports low-income and low-lying states in adapting to climate change. The G20 Summit Indonesia Just Energy Transition Partnership was also launched to raise $20 billion over the next three to five years to accelerate the energy transition. The Forest and Climate Leaders' Partnership was launched to coordinate action to stop forest loss and land degradation by 2030.
Multi-national, government oriented conferences such as 'COP' are a very mixed bag. Some believe that they are great and show that leaders from all around the world are doing their part to help save the planet. Others think it's all a show and nothing useful comes from it. We've given you the key takeways, so we'll let you be the judge.
Feel free to check out the UN's own website, to see what their after-action report had to say - https://unfccc.int/event/cop-27
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