Headlines of COP27 statement, ‘loss and damage’ deal – Times of India


SHARM EL SHEIKH (EGYPT): The United Nations COP27 The summit in Egypt concluded on Sunday with delegates approving two main texts: a closing statement and a landmark agreement on “loss and damage” to the climate.
Here are the key points from the two documents, which outline commitments on greenhouse gas emissions, global warming and energy, as well as funding to help vulnerable countries cope with the devastating impacts of climate change.
Emission reductions:
COP27 “emphasizes the urgent need for immediate, deep, rapid and sustainable reductions in global greenhouse gas emissions”, which contribute to global warming.
UN Secretary-General Antonio Guterres lamented the reluctance to “drastically reduce emissions now”.
Warm-up Goals:
The final statement “reaffirms the Paris Agreement’s temperature target of keeping the increase in global average temperature well below two degrees Celsius above pre-industrial levels and continuing efforts to limit the temperature increase to 1.5°C. to limit”.
It also “reiterates that the impacts of climate change will be much lower with a temperature increase of 1.5°C compared to 2°C, and decides to continue efforts to limit the temperature increase to 1.5°C”.
COP27 calls on parties to “accelerate efforts to phase out unabated coal-fired power plants and phase out inefficient fossil fuel subsidies”.
Several countries tried to include a mention of reducing the use of oil and natural gas instead of just subsidies.
“Unabated” refers to emissions from coal plants that are not extracted to prevent them from being released into the atmosphere.
The statement also calls for accelerating “clean and just transitions to renewable energy”.
The Parties “decide to establish new financing arrangements to assist developing countries … in responding to loss and damage, including by providing and assisting in the mobilization of new and additional resources”.
They also “decided to establish a fund to respond to loss and damage”.
“A transitional committee” will set rules for the new funding arrangements and identify “sources of funding”.
The commission will present its recommendations “for consideration and approval” at next year’s COP28 summit in Dubai.

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