The participants of the Climate Summit COP27 agreed on strengthening the reduction of greenhouse gas emissions until 2026 and creation of the Fund for Financing Losses and Damages from Climate Change.
According to the results of COP27 significant progress has been achieved in the issues of adaptation to climate change, reports Ministry of Environmental Protection and Natural Resources of Ukraine.
Numerous informal consultations and discussions took place in groups, among the negotiation groups and with the participation of the president of COP27, the most painful issues of this year's conference were discussed. The main "stumbling blocks" that were discussed until late Saturday night were:
financing losses and damages to countries suffering from climate change;
creation of a program to increase ambitions for reducing greenhouse gas emissions;
implementation of the global adaptation goal.
The results of the Climate Conference are as follows:
- the mechanism for creating a fund for financing losses and damages from climate change was agreed upon;
The fund will provide support to countries most vulnerable to climate change. It will be established at COP28 in 2023. Currently, a committee is being created that will work out the technical aspects of the Fund's work.
- significant progress has been made in adapting to climate change;
At COP27, the participants agreed on the ways and directions of further cooperation, and the approval of the global adaptation goal will also take place at COP28. The participants of the summit suggested that the UN Finance Committee, before the next meeting, consider the possibility and prepare a report on doubling the financing of climate change adaptation measures.
- it was agreed to create a program to increase ambitions for reducing greenhouse gas emissions.
The report noted that this was accompanied by considerable debate and controversy. The program will include thematic activities to identify gaps in countries' climate policies and develop further steps in these directions and will last until 2026.
The press service emphasized that although The climate conference was supposed to last until November 18, November 19, the participants of the summit still continued to argue over most points of the final decision. Numerous informal consultations and discussions took place within groups, between negotiating groups and with the COP27 President.
The final session of approval of documents and the closing of the conference began with a significant delay – at 4 am on November 20 – when a significant number of participants from different countries had already left the conference.
Earlier, EcoPolitic wrote, that the terms of the new climate pact, which is in Glasgow on COP26 signed by 200 countries, turned out to be softer, than originally expected.
As EcoPolitic previously reported, the Minister of Environmental Protection and Natural Resources, Ruslan Strilets, at the COP27 Climate Summit called on international partners to support Ukraine's initiative to launch a global platform for assessing environmental damage caused by war.