COP27 has concluded, and the Global Climate Innovation Coalition is here to share the highlights of the conference!
On November 20, the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) took place in Sharm el-Sheikh, Egypt, where a historic decision was made to establish and implement a loss and damage fund.
UN Secretary-General António Guterres welcomed this decision, calling the fund crucial. He emphasized that more work is needed to significantly reduce emissions, stating, “The world still needs to make a giant leap in climate ambition.” He stressed, “The red line we must not cross is allowing our planet’s temperature to exceed the 1.5-degree threshold,” urging nations not to relax their efforts in the “struggle for climate justice and ambition.” He concluded, “We can and must win this battle for our lives.”
From November 6 to 20, COP27 hosted over 100 heads of state and government, welcomed more than 35,000 participants, and featured numerous pavilions showcasing climate action from around the globe. The conference included high-level events, side events, important negotiations, and press conferences.
In a challenging geopolitical context, COP27 resulted in a comprehensive package of decisions reaffirming countries’ commitments to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels. This package also strengthened actions to reduce greenhouse gas emissions, adapt to the inevitable impacts of climate change, and enhance the financial, technological, and capacity-building support necessary for developing countries.
Here’s a summary of the key outcomes from COP27:
Technology
COP27 witnessed the launch of a new five-year work program aimed at promoting climate technology solutions in developing countries.
Mitigation
Significant strides were made in mitigation efforts. A mitigation work program was initiated in Sharm el-Sheikh to urgently enhance commitment and implementation. This program will start immediately after COP27 and run until 2026, when it will be reviewed for possible extension. The meeting also urged governments to reassess and strengthen their 2030 targets in national climate plans by the end of 2023 and to accelerate the phase-out of unabated coal-fired power generation and inefficient fossil fuel subsidies.The text recognizes that the unprecedented global energy crisis underscores the urgent need for a rapid transformation of energy systems to enhance security, reliability, and resilience, necessitating a swift and just transition to renewable energy during this critical decade of action.
Global Stocktaking
Delegates at COP27 concluded the second technical dialogue of the first Global Stocktaking, a mechanism designed to elevate emissions reduction ambitions under the Paris Agreement. The UN Secretary-General plans to convene a “Climate Ambition Summit” in 2023, ahead of the stocktaking at COP28 next year.
Other Announcements
Countries launched a package of 25 new cooperative actions across five key areas: electricity, road transport, steel, hydrogen, and agriculture.
Secretary-General Guterres announced a $3.1 billion plan to ensure that everyone globally is protected by early warning systems within the next five years.
The UN Secretary-General’s High-Level Panel on Net Zero Commitments released a report at COP27, serving as a guide for ensuring credible and accountable net-zero commitments from industries, financial institutions, cities, and regions.
The G7 and V20 (the “Vulnerable Twenty”) launched the Global Climate Risk Shield, with new commitments of over $200 million as initial funding, set to be implemented immediately.
Denmark, Finland, Germany, Ireland, Slovenia, Sweden, Switzerland, and the Wallonia Region of Belgium announced new funding totaling $105.6 million, highlighting the urgent need for greater support for the Global Environment Facility to address the needs of low-lying and low-income countries in immediate climate adaptation.
The newly announced Indonesia Partnership for Just Energy Transition at the G20 Summit, held concurrently with COP27, aims to mobilize $20 billion over the next three to five years to accelerate a just energy transition.
The launch of the Forest and Climate Leaders Partnership marks significant progress in forest conservation, bringing together governments, businesses, and community leaders to take action aimed at halting forest loss and land degradation by 2030.
Key Takeaways for Future Climate Negotiations
Part 1: Countries Struggle to Abandon Fossil Fuels
Nations reiterated the commitment to “phasing down coal,” as mentioned in last year’s COP26 agreement in Glasgow. While the final text supports renewable energy, it also emphasizes “low-emission” energy, which critics argue points to natural gas—still a significant source of greenhouse gas emissions.
Part 2: Ongoing Concerns Over Rising Emissions
The key outcome of the climate conference is the final agreement reviewed by representatives from nearly 200 countries. As usual, this was a focal point of negotiations, continuing into Sunday morning. The final agreement acknowledged the “urgent need for deep, rapid, and sustained cuts in global greenhouse gas emissions” to limit global warming to 1.5°C above pre-industrial levels, representing the highest ambition of the Paris Agreement. However, there are concerns that no substantial progress has been made since COP26 regarding emissions reduction targets or curbing fossil fuel emissions, which is troubling for a rapidly warming world.
(Image from Baidu Baike)
Part 3: Climate Finance Takes Center Stage
As anticipated, climate finance was a pivotal element of COP27. The final agreement highlights that “$4 to $6 trillion needs to be invested in renewable energy annually by 2030, including investments in technology and infrastructure, to achieve net-zero emissions by 2050.”
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Part 4: Greater Reliance on Technology
Two UN agencies—the Technology Executive Committee and the Climate Technology Center and Network—announced plans to expedite the deployment of “transformative” technologies to tackle the climate crisis. The UN Secretary-General revealed a $3.1 billion initiative to ensure that everyone on Earth is protected by early warning systems in the next five years.
(Image from Huawei's 2020 Annual Report)
Part 5: Methane Emissions Under Scrutiny
The United Nations Environment Programme (UNEP) announced a new satellite system to detect methane emissions. Experts have long noted that oil and gas facilities worldwide frequently experience significant methane leaks. This colorless, odorless gas is responsible for over 25% of current global warming. UNEP will use satellite monitoring to inform governments and companies about methane leaks, assisting them in taking corrective measures.
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Part 6: Donors Commit to Climate Adaptation Support
Numerous countries, regional governments, and development agencies have pledged $230 million to the Adaptation Fund to help vulnerable communities worldwide adapt to climate change. Progress has also been made on the Global Goal on Adaptation; a critical aspect of the Paris Agreement aimed at helping countries address the impacts of the climate crisis. These discussions are expected to conclude at the 28th United Nations Climate Change Conference in the United Arab Emirates next year.
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Part 7: Revitalizing Damaged Ecosystems Becomes a Priority
UNEP initiated the Global Peatland Assessment in Sharm el-Sheikh, marking the first comprehensive global evaluation of peatlands in nearly 15 years. This report emphasizes the importance of peatlands for biodiversity and carbon sequestration. The study revealed that the world loses 500,000 hectares of peatlands annually, with dried and degraded peatlands contributing about 4% of global anthropogenic greenhouse gas emissions each year.
(Image from BIOECO organization)
Part 8: Youth Takes Center Stage
For the first time, COP27 featured a pavilion specifically designed for children and youth, highlighting that the younger generation will be the most affected by the climate crisis. The conference also hosted the inaugural youth-led climate forum, featuring several senior policymakers. In the final agreement, delegates urged countries to include young people in future climate negotiation teams.
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Part 9: Pressuring Leaders for More Action
COP27 took place under a shadow of urgency—despite decades of meetings and landmark agreements like the Paris Agreement, the world has yet to do enough to mitigate the climate crisis. UNEP’s 2022 Emissions Gap Report indicates that current policies could lead to a temperature rise of 2.8°C by the century's end, a figure that could result in catastrophic consequences for the planet. Fully implementing the latest greenhouse gas emissions reduction commitments could slow warming to between 1.8°C and 2.1°C, yet the report finds no credible path to achieving the 1.5°C target. For many in Egypt, these findings underscore the pressing need to intensify climate action.
(Image from Tencent News)
UNEP Executive Director Inger Andersen stated, “As the world strives to reduce greenhouse gas emissions—despite insufficient efforts globally—we must also significantly enhance our capacity to respond to climate change.”
Looking ahead to the coming year, Steele also indicated that UN Climate Change will assist parties and future COP presidencies in progressing toward this new phase of implementation.