Dynamite News COP27 Ends With Historic Decision On Damage Fund, Little Progress On Other Issues
While the UN climate summit in Egypt concluded with a landmark decision to establish a fund to address loss and damage. Read on for details:
New Delhi: While the UN climate summit in Egypt concluded with a landmark decision to establish a fund to address loss and damage, the outcome on other crucial issues like phaseout of all fossil fuels reflected little progress when compared to the deal struck a year ago in Scotland.
The hope at COP27 was to include a "phaseout of all fossil fuels", including oil and gas, as proposed by India and backed by many developed and developing countries including the EU and the US, but the final agreement did not essentially build on what was agreed upon in COP26.
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However, when compared to COP26, COP27 has brought in stronger language on renewables and included the just transition principles while bringing up energy transition.
The Sharm-El Sheikh Implementation Plan called upon "parties to accelerate the development, deployment and dissemination of technologies, and adoption of policies, to transition towards low-emission energy systems, including by rapidly scaling up deployment of clean power generation and energy efficiency measures, including accelerating efforts towards phase down of unabated coal power and phase-out of inefficient fossil fuel subsidies, while providing targeted support to the poorest and most vulnerable in line with national circumstances and recognising the need for support towards a just transition."
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The plan reaffirmed the Paris Agreement goal of holding the increase in the global average temperature to well below 2 degree Celsius above pre-industrial levels, recognizing that this would "significantly reduce the risks and impacts of climate change". (PTI)