COP27 has come to an end. An historic 'loss and damage' fund was agreed after some tough negotiations between developed and developing nations. It was not all celebrations though as the language in the agreement around energy has left many concerned as to the future of the 1.5C limit.
As discussed in previous posts, loss and damage has been the focal point of negotiations from day one. Indeed discussions go back as far as the 1990's, bearing little fruit until now.
A committee will meet in the near future to decide on details of who should pay the money and how.
Matters relating to the 1.5C issue, were deemed by many delegates and scientists to fall below what was needed however. The final text largely keeps to what was officially stated in Glasgow at COP26, where a phase-out of fossil fuels was changed in the final hours to phase-down, significantly weakening the text.
There had been some hope that the donor list for climate finance would be expanded but the cover text does not mention this. Instead it “expresses serious concern” that the $100bn target continues to fall short and “urges developed country Parties to meet the goal”.
Biodiversity was not mentioned in the final text but there are calls for a Paris Agreement equivalent to be finalised at the Biodiversity COP15 happening at the end of this month. There were however first ever mentions of the role of food and nature based solutions in the agreement.
A more comprehensive view of COP27 can be found here: www.djblaw.co.uk/cop27
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