Reflecting on the decisions of COP27 and looking ahead to COP28
As we look ahead to COP28, which is set to begin on November 30th in Dubai UAE, it is important to reflect on the outcomes of COP27 hosted in Egypt last year. The decisions made at COP27 define the expectations for the upcoming COP28 as global leaders review the worlds progress towards limiting climate change.
After discussions that have lasted more than a decade, a Loss and Damage fund was finally established at COP27 which many viewed as the biggest breakthrough of the conference. The fund aims to provide financial assistance to the world’s most vulnerable nations that have been impacted by and continue to experience the effects of climate change. Clear guidelines for financing the loss and damage fund as well as guidelines for the scope and mechanism of the fund itself must be established at COP28 as it was decided that the fund would be established at COP27. However, it is not yet clear how it will be practically implemented or who will provide the financing for the fund.
Significant financial investment is required in order to limit global warming, with an estimated $2.7 trillion required annually to reach net zero emissions by 2050. Mobilising finance for adaptation was a major theme at the conference and has been one of the popular trends in finance since the Paris Agreement in 2015. However, COP27 failed to fulfil its promises on green finance targets. Despite this, there were some more promising outcomes which address the issue of adaptation. It was agreed that a report would be produced detailing progress towards doubling the finance for adaptation by 2025. The UNFCCC Standing Committee on Finance published this report in November 2023, dentifying 11 key challenges and 17 key opportunities in doubling adaptation finance, as well as a series of recommendations to be considered. Additionally, the Glasgow-Sharm el-Sheikh work programme, created by the signatories of the Paris Agreement during COP26, was implemented which established an ongoing dialogue regarding adaption solutions. A report summarising the outcomes of the workshops under the programme in 2023 was published in November. In particular, the need for a global mindset shift away from the “exploitation of nature to symbiosis with it” was highlighted. The foundations were laid for establishing a framework for the global goal on adaptation, with participants considering a range of targets and indictors that could be used to assess progress.
The concerning lack of progress in implementing action to reduce emissions and keep the possibility of limiting global warming to 1.5 degrees was the focus of criticism following COP27. The decision to phase down rather than phase out fossil fuels which was made at COP26 was upheld at COP27. António Guterres, secretary general of the UN, stated that global emissions must drastically reduce yet the agreements did not entirely address this issue. Guterres has also stated that the world must end its addiction to fossil fuels and ”profit from the extraordinary benefits of renewables in order to achieve the goals set in the Paris Agreement.
COP28 is an important conference in furthering climate action, and it is essential that it addresses the shortcomings of previous conferences. The transition to green energy and new technologies are expected to be key topics as the deadline to make the necessary changes approaches. The global stocktake, a process for nations and stakeholders to evaluate their progress towards meeting the targets set out in the Paris Climate Change Agreement, is also on the agenda6. As the target of limiting warming to 1.5 degrees moves further out of reach, it is imperative that COP28 delivers transformative action by putting measurable targets into place. Furthermore, it must demand that each nation, particularly those with the highest emissions, commit to making the necessary changes and invest in solutions that will positively contribute towards the world’s environmental targets.