COP27 – Progress & Outcomes

[vc_section][vc_row][vc_column width=\”1/2\”][vc_column_text css=\”.vc_custom_1671174217948{border-top-width: 1px !important;border-right-width: 1px !important;border-bottom-width: 1px !important;border-left-width: 1px !important;padding-top: 20px !important;padding-right: 20px !important;padding-bottom: 20px !important;padding-left: 20px !important;background-color: #434a9b !important;border-left-color: #434a9b !important;border-left-style: solid !important;border-right-color: #434a9b !important;border-right-style: solid !important;border-top-color: #434a9b !important;border-top-style: solid !important;border-bottom-color: #434a9b !important;border-bottom-style: solid !important;}\”]1. Expert in Panel:

  • Vibha Dhawan, Director General, The Energy & Resources Institute (TERI)
  • Yatish Rajawat, Senior Journalist
  • Abinash Mohanty, Sector Head, Climate Change & Sustainability, IPE Global

[/vc_column_text][vc_column_text]1. Reason for being in the news

Outcomes of United Nations Climate Change Conference COP27.

2. Discussion

2.1. Introduction:

A breakthrough agreement was reached at the United Nations Climate Change Conference COP27 to provide “loss and damage” funding for vulnerable countries hit hard by climate disasters.  Developing countries have for decades, made strong appeals for the establishment of a loss and damage fund, to compensate nations that are the most vulnerable to climate disasters, yet who have contributed little to the climate crisis.

UN Secretary-General Antonio Guterres hailed it as a significant step – a much-needed political signal to rebuild broken trust.  A package of other crucial decisions was also delivered by countries at the annual climate conference that was set against a difficult geopolitical backdrop.

2.2. Analysis of Key Outcomes of COP 27:

A ‘Loss and Damage’ fund has been allocated, which was a long-held demand from countries that have suffered maximum because of climate change for no fault of theirs in the historical past. Collective action at least by the vulnerable countries to demand compensation should also be seen as progress.

2.3. Setbacks:

The climate-sensitive sectors like agriculture were not given adequate emphasis during the summit. It is important to climate-proof our lives, livelihood, and economies without ignoring the developmental trajectories. Inadequate discussion on the phase-down of fossil fuel was a major disappointment.  

Nothing much has been done on the Climate Finance front. Moreover, there should have been a much greater discussion on reducing the pace of climate change.

The cap of the global temperature limit of 1.5 degrees is retained given the climate crisis. Even after 2022 experienced some of the adverse impacts of climate change in the form of extreme weather events in different parts of the world including Asia, Africa, and Europe, no strong decisions have been made in reducing greenhouse gas emissions.

The actual outcomes of global warming are more horrifying than what was predicted in the IPCC’s reports. However, this has not garnered adequate deliberations. The United Nations Secretary-General has rightfully stated that “The world still needs a giant leap on climate ambitions”.

2.4. Loss and Damage Agreement:

The Loss and Damage Agreement is something that has been in talks for about three decades and it is only now that countries have agreed to it. The loss and damage agreement has been the only big thing to boast about in COP27. It is a historic agreement that is the outcome of the collective efforts of countries. A transitional committee will be established to work on the finer details of the agreement and the agreement will become operational by the year 2023. The concurrence of the member countries on the Santiago Network adoption should be appreciated.

Some countries like Denmark and Sweden have come forward to provide some sort of voluntary funding to the Loss and Damage fund and vulnerable countries.

However, various activists are of the view that loss of lives, entire ecosystems, and biodiversity due to changing climate cannot be compensated with money. It is also argued that all previous meetings and multilateral agreements of COP have failed and this agreement might also end with a similar fate. For instance, the Adaptation Fund that was agreed upon with a total amount of $230 million still remains on paper. It should be noted that the details about its function, size, and responsibility are also not clearly specified. The finer details like the criteria to decide the vulnerable country, the extent of damage, etc. were not discussed.

According to some research estimates, $500 billion are required every year by high-risk countries and this should not be seen as a charity, rather it should be seen as a tax to reduce inequitable Loss and Damage.

2.5. Associated challenges:

The world is facing various sufferings in the form of lost agricultural productivity of various crops due to increased temperatures. Even the productivity of each individual will suffer in the coming future. The world has shifted into an era of Intellectual Property Rights, where the basic intent behind developing clean technology is profit and not the overall benefit of humankind. The majority of countries across the world are turning protectionist, making solutions like technology transfer a distant reality.

2.6.Way ahead:

If the human race has to survive and the planet has to be saved, early and strong actions are required. Technology sharing is required along with co-development. Moreover, it should be put to correct use. There is also a need for developing technologies that are friendly, effective, and efficient for small and medium enterprises.

The change in the mindset of all the stakeholders is also a crucial step. Local solutions need to be adopted with the participation of people at all levels. Specific solutions and assistance should be arranged on a self-reliant basis. For example, India’s approach to LiFE.

Further, these individual solutions should be interconnected as climate change is a global challenge and requires integration in resolving it. A clear example is a COVID-19 pandemic. Availability, accountability, and accessibility of systems are required with appropriate and adequate schemes and policies. There is also a need for financial innovation and ensuring timely delivery of these finances for resilience, adaptability, and transition.

India’s efforts like the International Solar Alliance, Coalition of Disaster Resilient infrastructure, LiFE, etc should be supported and emulated by other countries of the world. It is important to have a financial system that can generate economic returns like profits for sustainable technologies like electric vehicle rollout. This further requires policy reforms at national and international levels.[/vc_column_text][/vc_column][vc_column width=\”1/2\” is_sticky=\”yes\” sticky_min_width=\”767\” sticky_top=\”130\” sticky_bottom=\”0\”][vc_custom_heading text=\”Perspective: COP27 – Progress & Outcomes | 21 November, 2022\” font_container=\”tag:h2|font_size:24PX|text_align:center|color:%23ffffff|line_height:34PX\” use_theme_fonts=\”yes\” css=\”.vc_custom_1671174460574{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 10px !important;padding-right: 10px !important;padding-bottom: 10px !important;padding-left: 10px !important;background-color: #434a9b !important;}\”][vc_video link=\”\” css=\”.vc_custom_1671174447150{margin-top: 0px !important;padding-top: 0px !important;}\”][/vc_column][/vc_row][/vc_section]

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