The COP27 plenary assembly in Sharm el-Sheikh approved the final document of the conference. The paper saves the goal of keeping global warming to within 1.5 degrees of pre-industrial levels, the major achievement of COP26 in Glasgow last year.
L’European Union he expressed “disappointment” for the “lack of ambition” in the final agreement of the COP27 climate conference in the roadmap to reduce CO2 emissions. “What we have before us is not enough to constitute a step forward for the people of the planet. It does not bring enough additional efforts from the biggest polluters to increase and accelerate their emissions,” said the European Commission Vice-President, Frans Timmermansclosing the UN climate conference in Sharm El Sheikh.
The importance of the transition to renewable sources is underlined and the elimination of subsidies for fossil fuels is hoped for. But the document calls only for the reduction of coal-fired electricity production with unabated emissions, not for its elimination. Most importantly, it says nothing about reducing or eliminating the use of fossil fuels, as several countries had called for.
Guterres, did not address reducing emissions “We need to slash emissions now, and that’s an issue this COP has not addressed. A loss and damage fund is essential, but it’s not a response to the climate crisis that wipes a small island off the map, or transforms a entire African country in a desert. The world still needs one giant leap on climate ambition. The red line we must not cross is the line that takes our planet over the 1.5-degree temperature mark.” This was stated by the UN secretary general, Antonio Guterres, in a message for the closing of the COP27 in Sharm el-Sheikh.
Cop27 recognizes that maintaining the 1.5 degree target requires a 43% reduction in emissions by 2030 compared to 2019. With current decarbonisation commitments, however, the emissions cut would be only 0.3% by 2030 compared to 2019. For these, the states that have not yet updated their decarbonization goals (NDC) are invited to do so by 2023.
On adaptation to global warming, the document calls for an increase in funds and for studying the possibility of doubling them (in Glasgow there was direct talk of doubling them). Cop27 believes that to achieve net zero emissions in 2050 it is necessary to invest up to 2030 4,000 billion dollars a year in renewables and another 4-6,000 billion dollars in an emission-based economy.
The document notes “with serious concern” that the 100 billion a year fund from 2020 envisaged by the Paris Agreement to help least developed countries in climate policies has not yet been established. According to forecasts, it will not be talked about until 2023. The flow of climate finance to developing countries in the two-year period 2019-2020 was 803 billion, 31-32% of what is needed to maintain the 1.5 or 2 degrees.
The document provides for the first time a fondo for the relief of the losses and damages of climate change (loss and damage) in the most vulnerable countries. An early warning system is also planned for extreme weather events in all countries of the world.
The Sharm el-Sheikh Cop27 final document “is not enough” in the fight against climate change, and the novelty of the loss and damage fund “is not enough for mitigation”. This was stated by the Vice-President of the European Commission, Frans Timmermans, speaking at the closing plenary of the COP27 in Sharm el-Sheikh. “I ask you to recognize that we have all failed to minimize losses and damages – continued Timmermans -. We should have done much more, and this means reducing emissions much more rapidly”. For the Vice-President of the Commission “we have tried to get everyone on the goal of 1.5 degrees, on peak emissions in 2025 and on a clear intention to eliminate fossil fuels. This week we heard 80 countries support these goals. Sadly, we don’t see them reflected here. Some have put unnecessary barriers in the way. But we won’t stop fighting to do more.” In the negotiations, the vice-president said, “there were many attempts to roll back even from the Glasgow commitments.
Someone is afraid of transition, of the costs of change. I understand all these concerns, many Europeans share them. But I want to ask all colleagues to find the courage to overcome this, and I reach out to you to help you”. “We have already wasted a lot of time – concluded Timmermans -. Let’s get back the push we had in Glasgow, let’s defend Glasgow’s ambitions. Today we are starting to prepare for the 2023 COP”