Identify the key outcomes of Cop27 climate summit.
- While the developing and vulnerable nations continue to demand climate finance at COP27, it is important to realise that the lives have also been severely affected by global catastrophes, especially in the year 2022.
- It has often been said climate action is moving from target-setting into the implementation phase. What COP27 shows is that, as the implementation phase begins, integrity and accountability will be ever more critical, as the voices of the vulnerable economies and the youth remind the world time and time again.
- “Loss and Damage” Fund for Vulnerable Countries:
- The United Nations Climate Change Conference COP27 signed an agreement to provide"loss and damage" funding to vulnerable countries.
- Technology:
- At COP27, a new five-year work program was launched to promote climate technology solutionsin developing countries.
- Mitigation:
- A mitigation work programme was launched aimed at urgently scaling up mitigation ambition and implementation.
- The work programme will start immediately following COP27and continue until 2030, with at least two global dialogues held each year.
- Governments were also requested to revisit and strengthen the 2030 targetsin their national climate plans by the end of 2023, as well as accelerate efforts to phase down unabated coal power and phase-out inefficient fossil fuel subsidies.
- Global Stocktake:
- Delegates at the UN Climate Change Conference COP27 wrapped up the second technical dialogue of the first global stocktake, a mechanism to raise ambition under the Paris Agreement.
- Prior to the conclusion of the stocktake at COP28 next year, the UN Secretary-General will convene a ''climate ambition summit'' in 2023.
- Sharm-El-Sheikh Adaptation Agenda:
- It outlines 30 Adaptation Outcomes to enhance resiliencefor 4 billion people living in the most climate vulnerable communities by 2030.
- Action on Water Adaptation and Resilience Initiative (AWARe):
- It has been launched to reflect the importance of water as both a key climate change problem and a potential solution.
- African Carbon Market Initiative (ACMI):
- It was launched to support the growth of carbon credit production and create jobs in Africa.
- The Global Renewables Alliance:
- It brings together, for the first time, all the technologies required for the energy transition in order to ensure an accelerated energy transition.
- As well as ensuring targets are met, the Alliance also aims to position renewable energy as a pillar of sustainable development and economic growth.
COP27 has seen the global leaders take desperately needed action to address loss and damage – the symptoms of climate change – but still refuse to name, let alone address, the root cause.
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