Net zero enthusiast? Here is what COP27 got for you!

Since 1995, global leaders, field experts, businesses and other players gathered to discuss the effects of climate change on a global scale. Today, The UN Climate Change Conference (the official name for climate Conferences of the Parties) has transformed into a world event for major climate-related discussions.

COP27 was the current chapter in this long effort towards climate and environment preservation. Held in Sharm El Sheikh, Egypt from 6-20 November 2022; these two-week summits include 197 signatory countries.

This year the primary focus was on four key aspects:

Interestingly, this is the fifth time COP was hosted in Africa. The Intergovernmental Panel on Climate Change (IPCC) stated that Africa is one of the most vulnerable regions in the world and Egypt, the host nation, hopes to draw adequate attention to the region’s drastic impact due to climate change.

COP27 continued to uphold the Paris Agreement and make it ‘fully operational’ by detailing the implementation and urging countries to uphold their commitments made in the previous COP26.

Experts also discussed on issues such as “loss and damage” financing. This move was to aid developing nations, most affected by climate change, with an aid of $100 billion annually. Furthermore, world and business leaders are also conducting technical discussions to help nation measure their emissions to level the playing field for all participants.

These negotiations and their subsequent actions will pave the ground for the first Global Stocktake at COP28, 2023 which will analyze the collective efforts on mitigation, adaptation, and implementation of the Paris Agreement.

To aid readers understand the complex maze of discussions and political undertone, we list some pertinent topics discussed in COP27.

The 27th United Nations climate conference (COP27) ended with some noteworthy wins and more opportunities for discussions.

First, the silver lining – a new ‘loss and damage’ fund has been sanctioned. This fund will pay low- and middle-income countries (LMICs) with compensation for climate-related damages.

However, reaching this conclusion had its fair share of drama. Several developed nations were previously skeptical about this fund, but with increased pressure, the shift moved in favor of the LMICs who have been working towards actualizing this fund for a long time.

Second, darker clouds continue to loom. Nature.com has stated that the final 10-page summary text mentioned limiting global warming to 1.5 °C above pre-industrial levels require “rapid, deep and sustained reductions in greenhouse gas emissions by 2030.”

But several experts and observers noticed a strong hand of fossil fuel producing nations and enterprises as phasing out the usage of fossil fuels was blocked. This could be, as some speculated, a result of the energy crisis sparked in the Eurasia region. However, others have not found many cheerful reasons for the fossilized pace of decarbonization.

Further, the energy crisis has pushed developed nations to temporarily switch back to coal while pursuing natural gas sources. While short-term fixes where developed nations have promised to help developing nations transition away from coal seem positive, the future seems a lot warmer unless a long-term solution can be meted out.

While these major decisions have evoked a bittersweet response from the world, we all wait to witness the next flux of actions oriented toward making the net-zero dream a reality.