COP27 moves us forward
At the Sharm el-Sheikh Climate Change Conference (COP27), countries came together to take action towards achieving the world’s collective climate goals as agreed under the Paris Agreement and the Convention.
The conference took place from 6 to 20 November 2022 in Egypt. A golden opportunity for all stakeholders to rise to the occasion and tackle effectively the global challenge of climate change facilitated by Egypt on the African continent. Egypt assumes the incoming presidency of COP27 with a clear recognition of the gravity of the global climate challenge and appreciation of the value of multilateral, collective and concerted action as the only means to address this truly global threat. Representatives from United Nations Environment Programme (UNEP) are organising and/or taking part in the following events: In light of COP27, students and teachers from across the world will get together at a global online discussion to share ideas, solutions, and innovative projects for climate action.
In an interactive session, youth leaders and innovators will present their ideas and recommendations. The online event will be an opportunity for schools to showcase their sustainability practices and environmental projects. It will also present the outcomes of the climate action project, a six-week climate education initiative that has reached over 2.7 million people in 149 countries.
COP27 closed with a breakthrough agreement to provide “loss and damage” funding for vulnerable countries hit hard by climate disasters.
“This outcome moves us forward,” said Simon Stiell, UN Climate Change executive secretary.
“We have determined a way forward on a decades-long conversation on funding for loss and damage-deliberating over how we address the impacts on communities whose lives and livelihoods have been ruined by the very worst impacts of climate change.”
Set against a difficult geopolitical backdrop, COP27 resulted in countries delivering a package of decisions that reaffirmed their commitment to limit global temperature rise to 1.5 degree Celsius above pre-industrial levels.
The package also strengthened action by countries to cut greenhouse gas emissions and adapt to the inevitable impacts of climate change, as well as boosting the support of finance, technology and capacity building needed by developing countries.
Creating a specific fund for loss and damage marked an important point of progress, with the issue added to the official agenda and adopted for the first time at COP27. Governments took the groundbreaking decision to establish new funding arrangements, as well as a dedicated fund, to assist developing countries in responding to loss and damage.
Governments also agreed to establish a transitional committee to make recommendations on how to operationalise both the new funding arrangements and the fund at COP28 end of this year. The first meeting of the transitional committee is expected to take place before the end of March 2023. Parties also agreed on the institutional arrangements to operationalise the Santiago Network for loss and damage, to catalyse technical assistance to developing countries that are particularly vulnerable to the adverse effects of climate change.
COP27 saw significant progress on adaptation, with governments agreeing on the way to move forward on the global goal on adaptation, which will conclude at COP28 and inform the first global stocktake, improving resilience amongst the most vulnerable.
New pledges will help many more vulnerable communities adapt to climate change through concrete adaptation solutions. COP27 president Sameh Shoukry announced the Sharm el-Sheikh adaptation agenda, enhancing resilience for people living in the most climate-vulnerable communities by 2030.
UN Climate Change’s Standing Committee on Finance was requested to prepare a report on doubling adaptation finance for consideration at COP28 this year. The cover decision, known as the Sharm el-Sheikh Implementation Plan, highlights that a global transformation to a low-carbon economy is expected to require investments of at least US$4-6 trillion a year. Delivering such funding will require a swift and comprehensive transformation of the financial system and its structures and processes, engaging governments, central banks, commercial banks, institutional investors and other financial investors as well as other financial actors. Serious concern was expressed that the goal of developed country parties to mobilise jointly US$100 billion per year by 2020 has not yet been met, with developed countries urged to meet the goal, and multilateral development banks and international financial institutions called on to mobilise climate finance.
At COP27, deliberations continued on setting a new collective quantified goal on climate finance in 2024, taking into account the needs and priorities of developing countries.
COP27 brought together more than 45 000 participants to share ideas, solutions, and build partnerships and coalitions.
Indigenous peoples, local communities, cities and civil society, including youth and children, showcased how they are addressing climate change and shared how it impacts their lives.
Delegates at COP27 wrapped up the second technical dialogue of the first global stocktake, a mechanism to raise ambition under the Paris Agreement. The UN SecretaryGeneral will convene a ‘climate ambition summit’ this year ahead of the conclusion of the stocktake at COP28 this year end.