The UN-sponsored Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC) concluded its 27th round in the coastal city of Sharm el-Sheikh, Egypt, in November last year. The two-week conference, which ran from November 6th to 20th, was marked by familiar concerns over the worsening climate impacts and a significant lack of progress on cutting CO2 emissions. It only served to intensify the distrust between developing and developed countries.
According to the UN Environment Programme (UNEP) Adaptation Gap Report, the funding for effective measures against climate change is 5-10 times lower than needed. However, World nations have agreed to revisit and likely increase the scale of this funding next year. In addition, the UN’s Adaptation Fund received additional funding last year. The Sharm el-Sheikh Adaptation Agenda has been created to mainly focus on resilience-building projects.
The UNEP released its annual Emissions Gap Report (EGR), highlighting the need for urgency and more decisive actions. The report draws a bleak picture of our current climate trajectory. Besides a brief dip in emissions during the COVID-19 pandemic, carbon dioxide (CO2) emissions have again fully bounced back to near-record highs. The world is on track to see CO2 emission rise by around 10% by 2030 under currently implemented government policies around the globe rendering the required 1.5°C trajectory far out of reach. Even individual nations have fallen short in their de-carbonization efforts, with only around 30 countries representing 20% of global emissions having updated their climate pledges.
Following a year marked by severe climate-related calamities, such as devastating floods in Pakistan and ongoing drought in East Africa, more prosperous nations have committed to financially assisting developing nations in their recovery from the damage and economic losses wrought by the effects of climate change. The recent agreement included an unprecedented historic commitment to extend financial aid to those in need. This pot of money will provide financial aid to poorer nations struggling to recover from the devastating effects of climate change, such as destroyed homes, flooded land, or lost income from dried-out crops.
Until now, underdeveloped countries were only receiving financial assistance for mitigation, which aims to reduce dependence on fossil fuels, and adaptation, which prepares for future climate change impacts. The issue of financial assistance for loss and damage has always been a highly contentious topic, with richer nations previously opposing the establishment of such a fund. Despite the positive steps taken towards mitigating the impacts of climate change, some world leaders have expressed disappointment that there was no accord reached on resilience-related projects.
Moreover, the final COP 27 agreement also included a call for transforming the world financial system and its structure, signaling momentum to reform the World Bank and other financial institutions to meet the climate-related challenges. Another milestone at COP 27 was the recognition of nature-based solutions and the right to a healthy environment. Climate change affects biodiversity and results in the loss of natural habitats exacerbating global inequalities. The inclusion of these items in the final text underscores the inextricable link between climate change and other global challenges.
While COP 27 made these few progresses, most implementation decisions were deferred to COP 28. The Glasgow Pact at COP 26 asked all nations to revisit and strengthen their climate pledges before the end of 2022. Still, unfortunately, many nations have failed to do so. The urgency for stronger climate action remains high. The need to settle issues of carbon markets and other key climate solutions at COP 28 is paramount.
Finally, COP-27, though billed as the “implementation COP,” fell short of what’s needed to meet our climate goals. Governments, financial institutions, corporations, and civil societies must make a combined effort to combat climate change. COP 27 saw some promising discussions and landmark commitments, but more practical details are necessary, particularly regarding reduction in emissions, loss and damage, and adaptation to the already existing effects. With Biodiversity COP 15 in Montreal quickly following climate COP 27, there lies a great opportunity to promote climate awareness and nature-positive solutions. Leading up to COP 28, the focus will need to be on transforming high-level agreements into actual actions so that we can safeguard the planet with the people in it.
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