TLDR: COP27 neglected the conversation to stay within 1.5C warming. No country is meeting its emission targets even if emissions have slowed overall. The only thing people agreed on was the Loss and Damage Fund from developed to developing countries.
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What’s COP?
COP, short for Conference of Parties is an annual conference organised by the United Nations for nearly 200 countries to talk about the climate crisis. It requires delegates and ministers from these countries to get together to find ways to cut emissions and adapt to a warming climate.
This year’s COP27 held at Sharm el-Sheikh, Egypt ended 2 weeks ago. Here are some issues I was looking forward to and the key takeaways since it ended.
Key issues I was hoping they’d addressed in COP27
COP27 was termed the Africa COP and the implementation COP. It was a chance to turn the words, drawn up at COP26, into action. With a year closer to 2030, this year’s conference hoped to instill renewed solidarity between countries and deliver on the landmark Paris Agreement.
1. Stronger commitments to cutting greenhouse gas emissions
At last year’s COP26, more than 100 countries, including the US, Japan, and Canada, pledged to significantly cut emissions of methane, a short-lived but powerful greenhouse gas. This commits signatories to reduce their overall emissions by 30% by 2030, compared with 2020 levels. What did these companies achieve in this one year?
Another point was the reduction of fossil fuels. There was a huge compromise last minute at the end of COP26, the “phase down, rather than phase out” clause. Will we be more ambitious when it comes to the reduction of fossil fuels this year?
2. Loss and damage for vulnerable countries
Nations agreed to put loss and damage on this year’s summit agenda for the first time ever. Developed countries have been heavily criticised for not keeping their promise to deliver $100 billion in annual climate finance by 2020.
3. Updates on carbon markets
COP26 saw the agreement between world leaders on a new set of rules for regulating carbon markets. This would allow countries to trade the right to emit greenhouse gases. How effective have carbon markets been since COP26?
Highlights on this year’s COP27
1. ‘Breakthrough’ to operationalise a new loss and damage fund
2022 witnessed countries like Pakistan experiencing the worst climate disasters. 1/3 of Pakistan was completely submerged by historic flooding. This affected more than 33 million people, total damages exceeded USD 14.9 billion, and total economic losses reached about USD 15.2 billion.
The loss and damage fund intends to assist countries like Pakistan which has been hit hard by climate disasters. 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 next year.
Although considered a breakthrough for most people, scepticism remains. Rich nations have a track record of not living up to their climate promises, as seen from the failure to deliver the $100 billion in annual climate finance. Mohamed Adow, executive director at think tank Power Shift Africa shared, “what we have is an empty bucket,”.
2. Failure to secure stronger commitments on cutting greenhouse gas emissions
The attempts to have nations agree to peak global emissions by 2025 or phase-down of all unabated fossil fuels also fell flat. The bloc threatened to walk out of the talks over this issue, and while that was avoided, emissions continue to rise in this decade of critical action.
Disappointment and anger were felt by Alok Sharma, the predecessor at COP26. He complained that key points fought last year were either missing or watered down. “Emissions peaking before 2025 as the science tells us is necessary? Not in this text,” “Clear follow through on the phase down of coal? Not in this text. Clear commitment to phase out all fossil fuels? Not in this text. The energy text? Weakened in the final minutes.”
COP27’s final text also includes language allowing a transition to “low-emission” sources. Many believed it can be interpreted as a loophole for natural gas, the lowest-emitting of fossil fuels.
What was even more disappointing is how COP27 was shaped by the presence of fossil-fuel representatives. Major hydrocarbon producers like Saudi Arabia blocked language that would have called for a plan to phase out oil and gas.
3. Weak rules for carbon markets
Carbon markets were one of the less contentious arenas of the talks. The outcome felt like there was overall low accountability and a high risk of greenwashing. Based on the agreed text, countries can say their trading information is “confidential” without justification. Additionally, guidelines are messy but bilateral trading will still move forward. The current market is moving faster than regulations can keep up.
A lot of work will take place over next year’s COP28. This was lackluster for many.
4. The 1.5C goal remains in grave jeopardy
COP27 saw the failure to raise ambitions on reducing emissions as the world could miss the 1.5C goal. Calls to phase out all fossil fuels (not just coal) and to peak global emissions by 2025 were shot down by many nations that export oil.
The hope for COP27 was to implement the commitments promised in COP26. Yet, updated commitments on mitigation were few in COP27. Commitments to follow through further on phasing down coal and speeding up the rollout of renewable energy sources were watered down in the final agreed text. What seemed like a reversal of improvements. The German foreign minister expressed his frustration at “being stonewalled by several large emitters and oil producers.”
How COP28 will look in UAE next year
Many felt discouraged after COP27 ended and are pessimistic that the fight in combatting climate change will likely get harder as COP28 heads to the United Arab Emirates, an oil and gas giant.
It is imperative, more than ever, that collaboration between all stakeholders is vital to keep nations and leaders accountable for their commitments. COP28 will be about countries and companies showing how they are meeting their climate commitments, while pressure is still on to ramp up ambition.
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This post was previously published on medium.com.
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