We previously revisited the significance of COP Conferences, and in this blog post I’ll be summarizing the main outcomes of COP27. This year’s Conference of the Parties occurred in Sharm El-Sheikh, Egypt, from November 6th to the 18th. The resulting implementation plan was received as a disappointment for many, although certain achievements were unexpectedly reached.
One of the fundamental aspects of COP27 was addressing the issue of loss and damage, which tackles the damages of countries who suffer disproportionately from climate change. Previously, the 2009 Copenhagen Agreements decided that developed countries would pay 100 Billion USD to a centralized fund. Now, parties agreed to create a fund for vulnerable countries. This was considered a breakthrough achievement, and was an unanticipated outcome. The fund currently remains under voluntary participation, and details regarding who controls it and how its contents may be distributed remain unclear. More information will be released after further negotiations, next year in COP28.
An important element to consider when studying the outcomes of this climate summit is the war in Ukraine, and its impacts over the rest of the world. Concretely, both Ukraine and Russia were present at the conference. Although it was never brought to the table, the ongoing political situation highly impacted negotiations. Indeed, the energy crisis and economic recession meant that countries now search for cheap and reliable energy, which does not fit the criteria of many renewable sources of energy. Therefore, fossil fuels and their phasing out was not addressed.
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