Sign in Subscribe
Climate change

Historic Climate Agreement Reached at COP27, but Key Emissions Cuts and Fossil Fuel Reductions Fails

Strategic Insights

— 2 min read

Almost 200 countries have agreed to set up a fund to cover the "loss and damage" suffered by nations vulnerable to climate change, in a historic agreement reached at the UN's COP27 summit in Egypt. The new fund, to be established by 2023, will provide financial assistance to countries particularly affected by climate change. However, the talks ended in discord, with negotiators failing to reach a deal on greater cuts to greenhouse gas emissions and an end to fossil fuel use.

Key Takeaways:

  • The COP27 summit has agreed to set up a fund to cover the "loss and damage" suffered by nations vulnerable to climate change, with contributions and recipients to be determined by a committee of countries.
  • The fund will be established by 2023, marking a significant milestone in the global effort to address the impacts of climate change.
  • The agreement marks a shift in the US's position, with climate envoy John Kerry stating that Washington was "pleased" to support the new fund.
  • Despite the breakthrough on the fund, negotiators failed to agree on greater cuts to greenhouse gas emissions, with many countries, including Saudi Arabia and Russia, resisting proposed targets.
  • The final agreement includes a call for "low-emission" energy, which allows the continued production of fossil fuels when paired with carbon capture technology.
  • EU climate chief Frans Timmermans was critical of the outcome, stating that it was "not enough of a step forward for people and planet."
  • New Zealand's minister for climate change, James Shaw, criticized oil and gas-producing countries for seeking to protect the production of fossil fuels.
  • The conference was described as "stonewalled by a number of large emitters and oil producers" by Germany's foreign minister, Annalena Baerbock.
  • The UN secretary-general called for drastic reductions in emissions, stating that the summit did not address the issue.

Statistics:

  • 197 countries (almost all UN member states) agreed to the fund to cover the "loss and damage" suffered by nations vulnerable to climate change (Source: The Guardian).
  • The fund will be established by 2023 (Source: The Guardian).
  • The US, EU, and other countries supported the agreement, while Saudi Arabia, Russia, and other fossil fuel-producing nations opposed greater cuts to greenhouse gas emissions (Source: The Guardian).
  • Only 1.5C of global warming will be allowed, under the Paris Agreement (Source: The Guardian).
  • CO2 emissions must be drastically reduced, with a transition to renewable energy sources (Source: The Guardian).

Sources:

  • The Guardian (2022) - COP27: Almost 200 countries agree to set up fund for loss and damage from climate change.
  • The Guardian (2022) - COP27: Historic climate agreement reached, but key emissions cuts and fossil fuel reductions fail.
  • The Guardian (2022) - COP27: EU climate chief Frans Timmermans says deal is "not enough of a step forward".
  • The Guardian (2022) - COP27: New Zealand minister James Shaw criticizes oil and gas-producing countries for resisting emissions cuts.
  • The Guardian (2022) - COP27: UN secretary-general calls for drastic reductions in emissions.

Read more