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Dear readers,
The 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC) in Sharm El-Sheikh, Egypt, began November 7, 2022.
United Nations Secretary-General António Guterres said loss and damage could no longer be swept under the rug. “It is a moral imperative, a fundamental question of international solidarity and climate justice,” he noted on the first day of COP27.
He also warned that the world is “on a highway to climate hell with our foot on the accelerator. Our planet is fast approaching tipping points that will make climate chaos irreversible. We need urgent climate action.”
Countries finally agreed to discuss providing financial support to address loss and damage caused by climate change at the conference. COP27 took off on a high note November 8, 2022 — from new launches to discussions on mitigation, loss, damage and other climate issues.
The conference launched the Sharm El-Sheikh Adaptation Agenda in response to the devastating impacts of climate change, affecting vulnerable people across the world.
Finance dominated discussions on day three of COP27 climate talks.
COP26 and COP27 presidencies released a report on finance for climate action, capturing the needs of developing and emerging economies, except China.
The cost of energy transition, adaptation resilience, loss and damage and sustainable agriculture for these nations would amount to $2 trillion (Rs 1,63,675 crore) per year by 2030, according to the report - Finance for climate action: Scaling up investment for climate and development.
Finance again dominated discussions on day four of COP27 climate talks.
Developed countries like the United Kingdom, the United States, the European Union and Australia acknowledged that there is currently a funding gap in addressing loss and damage, at an informal consultation on loss and damage finance November 10, 2022 during COP27.
While rich countries tried to delay loss and damage talks again, day five of the COP27 climate talks belonged to decarbonisation.
At the loss and damage negotiations, developed countries have formally acknowledged the funding gap in “addressing” loss and damage, but are now requesting more information on the needs, gaps and possible funding sources — a possible delaying tactic to prolong the discussions further.
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Highlights of the coverage of COP27 from the team of Centre for Science and Environment and Down to Earth |
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COP27 diary (November 7): ‘World on a highway to climate hell, with our foot on the accelerator’
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Countries finally agreed to discuss providing financial support to address loss and damage caused by climate change at the conference.
Africa can be the new renewable energy superpower, said Al Gore, former vice-president of the United States. “The continent has 40 per cent of the entire world’s potential for renewables. The potential for solar, wind and hydropower is 400 times larger than total fossil fuel reserves.
The dash for gas in Africa is the dash for gas to be sent to wealthy countries,” he said.
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COP27 diary (November 8): Presidency unveils plan to build climate resilience for 4 billion by 2030
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The conference launched the Sharm El-Sheikh Adaptation Agenda. The agenda outlined 30 adaptation outcomes to enhance resilience for four billion people living in the most climate-vulnerable communities by 2030
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COP27 diary (November 9): $2 trillion needed to finance climate action in developing economies
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A report on finance for climate action, capturing the needs of developing and emerging economies, except China was released. The cost of energy transition, adaptation resilience, loss and damage and sustainable agriculture for these nations would amount to $2 trillion per year by 2030 stated the Finance for climate action: Scaling up investment for climate and development report
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COP27 diary (November 10): Rich countries admit funding gap in addressing loss & damage
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Developed countries like the United Kingdom, the United States, the European Union and Australia acknowledged that there is currently a funding gap in addressing loss and damage, at an informal consultation on loss and damage finance November 10, 2022 during COP27
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COP27 diary (November 11): Rich countries seek to delay and prolong discussions on loss and damage
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At the loss and damage negotiations, developed countries have formally acknowledged the funding gap in “addressing” loss and damage, but are now requesting more information on the needs, gaps and possible funding sources — a possible delaying tactic to prolong the discussions further
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| Down To Earth |
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Gobar Times |
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