The official last date of cop27, is the 18th of November, and the extended day is the 19th of November at Sharm el-Sheikh, Egypt. The day began with a European proposal, which included a pledge to create new loss & damage response funds. The details of this fund ran up to next year along with the commitment to look through debts and facilitate the reforming of multidirectional development banks.
They demanded China, which is a large developing emitter, to pay in. In exchange for this, other countries would pledge to reduce global emissions before the end of 2025, by phasing down all different kinds of fossil fuels. “This will be our final offer”, said the bloc’s climate chief, Frans Timmermans.
US promise into fossil fuel use reduction can be a political dynamite
The US giving support to COP27 on phasing down fossil fuels and providing funds for compensating victims affected by climate change can be a political dynamite for Joe Biden’s presidency. The money of the American taxpayer being given to some imaginary solution for problems, will not be good for voters. Moreover, anything which causes energy prices to surge affects the economy. Also, it is impossible to have natural gas for decades, to displace coal. Additionally, the backlash Biden faced before the election on his statement of replacing coal plants with solar & wind power, is evident enough for the political risk.
Growth in Calls to Reform Multilateral Development Banks
The political decision from Cop27 on international financial institutions & development banks(multilateral) is based on asking them to spend their cash on climate goals. These reforms are finally happening after being talked about for many years. Developed countries fail to meet their contributions to developing countries in terms of climate finance. Similarly, developing countries are affected by debt burdens, rising inflation, & currencies value declining in comparison to the dollar. Making reforms in both banks & institutions can probably solve both these issues.
Tree Conservation compensation – demands from Forest Nations
Eve Bazaiba, vice prime minister of the Democratic Republic of Congo said “The role of forests and peatlands was removed from the cover decision”, which occupies Congo Basin Tropical Forest’s 60%. She questioned, why are we here? She told reporters that forest nations deserve compensation & recognition from developed nations for keeping the carbon intact in their forests with peatlands & trees.
Summit handling was defended by the COP27 presidency
Special representative of the COP27 presidency, Wael Aboulmagd, said: “we don’t have a lot to worry about”. At the point of climate change, we are at, nothing is supposed to be comfortable. We surely believe that we are following a very clear game plan.
Developing Countries Are Adamant on Loss & Damage Fund
Sherry Rehman, Pakistan’s Climate change minister, on behalf of all the G77 developing countries, said “Establishment of loss & damage fund at cop27 is something we are adamant on”. Moreover, said that only the first option out of the three from the draft document is acceptable”. I hope the decisions related to this are made as fast as possible in a simple & effective way.
After the 18th of November, the intense negotiations further stretched till the 20th of November, early morning. Where the countries agreed to reach an agreement for the loss and damage funding compensation for disasters induced by climate and provide support to the most vulnerable by the next COP28 to be held in UAE.
Cop27 was structured around 11 theme-based days which covered science, future generations & youth, financing, agriculture, gender, water, decarbonization, biodiversity, energy, & solutions.
Developments seen at cop27 included, the first-ever high-stature minister’s roundtable on the pre-2030 target, where discussions revolved around climate change reduction ambition & implementation strategies to attain the decided target. The ambition is to keep the global temperature rise below 1.5 degrees Celsius.
Also, a coalition-based work program was launched for the UNFCCC technology mechanism, which is responsible for technology development and its transfer to developing countries. This comprises two bodies i.e. Climate Technology Centre & Network and Technology Executive committee.
FLIP (Forest and Climate Leaders Partnership) was also launched. This partnership aims to facilitate action to implement the promises to stop or reduce land degradation and deforestation before 2030. At present, almost 27 countries have joined which represents more than 60 percent of the global GDP.
Lastly, most of the cop27 revolved around the “Loss & Damage Fund” which needs to be fulfilled by many developed nations, as the whole year brought many climate changes resulting in destructive phenomena over the world. Where the most affected were the developing nations. Developed countries are responsible for more than half of the world’s global warming in the past many years.
What to Expect at COP28 being held in UAE?
UAE, is already ahead of its game in the current COP27, by being a part of one of the largest, most ambitious coalitions. It is the new Partnership for Accelerating Clean Energy (PACE) between UAE & US. Where, 100 billion dollars would be invested to deploy 100 Gigawatts of clean energy in UAE, U.S. & other developing economies.
They have signed a Project Prosperity between Jordan, Israel, & UAE. Where solar power will be provided to Israel in exchange for Jordan’s desalinated water.
Moreover, another partnership is signed between Egypt & UAE, to deliver the world’s biggest onshore farms.
UAE looks forward to COP28, which they will be hosting. UAE even said that they are going to continue to expand such effective partnerships between industries, private & public sectors, and countries, to reduce carbon emissions and thereby advance economic progress.
Moreover, UAE is committed to delivering a summit that is solutions-oriented & inclusive which will accelerate climate financing, would leverage talents from all sectors of society, & increase access to cleaner technologies in vulnerable countries & communities. Contributing towards the ultimate motive of protecting our environment, reducing global warming, and still being able to live efficiently.