One key factor stops COP27 from being a total flop, says gfhay
. In an attempt to reinvigorate the process delegates like Alok Sharma, the UK’s point person for COP26, wanted the COP27 agreement to mandate a peaking of global emissions by 2025, the firming up the end of coal, and a glide path to phase out oil and gas.The conference thus made near-zero progress on its primary job: to halve emissions by 2030 so global warming might remain a manageable 1.5 degrees Celsius above pre-industrial levels.
Pessimists will accurately stress that a newly agreed loss and damage fund to pay off affected countries is just an empty bucket – the details will be determined later. Those negotiations will be difficult. Epic floods in Pakistan this year submerged swathes of the country and wiped out much of its agriculture and infrastructure, creating an estimated $40 billion hit. Some studiesin emissions over the next two decades is in regions other than Europe, the United States, and China.
The commitment to establish a dedicated “loss and damage” fund left many of the most controversial decisions on how it might work until next year, including who should pay into it. It instead called on countries to take steps toward "the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies," as agreed at last year’s COP26 Glasgow summit.
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