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COP 27

COP 27

Date: 21 Nov 2022

A quick review of COP 27

The 27th UN Climate Change Conference of the Parties (COP27) was held in Sharm el-Sheikh between 6th to 20th November 2022 and resulted in countries delivering a package of decisions that reaffirmed their commitment to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels. The package also strengthened action by countries to cut greenhouse gas emissions and adapt to the inevitable impacts of climate change, as well as boosting the support of finance, technology and capacity building needed by developing countries. 
Minister Eamon Ryan was the European Union’s lead negotiator at the ‘loss and damage’ talks and governments took the ground-breaking decision to establish new funding arrangements, as well as a dedicated fund, to assist developing countries in responding to loss and damage.
In its press release on the outcomes of COP27, the UN set out a number of other outcomes, including:
  • Progress on adaptation. This included new pledges totalling more than $230mn to the adaptation fund. The SCF was asked to report on doubling adaptation finance for consideration at COP28.
  • Cost of moving to a “low-carbon economy”. The Sharm el-Sheikh implementation plan stated that this would require investments of “at least $4 to $6tn a year”.
  • $100bn pledge. The implementation plan expressed “serious concern” that the goal to jointly mobilise $100bn per year by 2020 had not been met. It urged developed country parties to meet the goal.
  • Climate finance. Deliberations on setting a new ‘collective quantified goal on climate finance’ in 2024, “taking into account the needs and priorities of developing countries”, continued at COP27.
  • Global stocktake. Delegates at COP27 concluded the second technical dialogue on the first global stocktake, “a mechanism to raise ambition under the Paris Agreement”.