1. The CoP27 was held in Sharm Al-Sheikh in Egypt. The summit involved nearly 200 nations and followed on from the COP26 negotiations in Glasgow last year.
2. The summit was dominated by a few key issues. Major developed economies like those in the European Union were insistent on ambitious emissions reductions commitments that would have emissions peak by 2025. This would help keep the 1.5 degree global warming target alive. Experts believe that limiting global warming to 1.5 degrees will help limit the worst impacts of climate change.
You might also like
First-ever carbon-neutral World Cup? Here's a fact check
The big, fat wedding is back in business
Revealed: what hides beneath UPI transaction data
Don't expect tax sops in next budget
3. Developing countries were insistent on securing agreement on the "loss and damage" principle. Although developing countries have emitted far less than developed nations, they are disproportionately damaged by the climate crisis engulfing the world.
4. The "loss and damage" principle seeks to compensate vulnerable developing nations by assisting their climate adaptation and mitigation efforts. Developing nations championed the principle for over three decades before it featured in the COP27 agenda.
5. As negotiations wore on, it became increasingly apparent that parties were deadlocked. Developed countries, led by the European Union and America, demanded more ambitious emissions commitments while developing nations insisted on a "loss and damage" fund for developing countries.
6. In a historic win, developed nations rolled back their opposition to a "loss and damage" fund. In a move that was hailed as a step forward for climate justice, negotiating parties agreed to set up the fund and will work out the exact details over the coming year.
7. However, developed nations were disappointed in their push for ambitious emissions reductions by the countries assembled. Countries did not agree on allowing emissions to peak before 2025, which leaves the goal of limiting global warming to 1.5 degrees twisting in the wind.
8. The text of the final agreement did not refer to the phasing out of all fossil fuels. This has added to the belief that COP27 has largely failed to signal any ambitious steps forward on emissions reduction.
9. Back in 2009, developed countries had promised to provide $100 billion in annual climate funding to developing countries. This pledge remains unmet, and the text of the final COP27 agreement notes that climate financing remains far below global needs. "Our planet is still in the emergency room. We need to drastically reduce emissions now, and this is an issue this COP did not address," remarked UN Secretary-General Antonio Guterres.
Elsewhere in Mint
In Opinion, Manu Joseph tells how hypermorality nearly brought Twitter Inc to ruin. Jayati Ghosh delivers a message to the adults in the room of global macro policy. Rajrishi Singhal says India is likely to push the G20 envelope. Long Story profiles the Indian ‘team' at the Qatar World Cup.
