COP 27: disappointing expectations and agreements in extremis

23-11-22

Lack of proposals until the last minute

This year's climate change summit in Sharm el-Sheikh (Egypt) has been disappointing due to the lack of proposals until the last minute. According to Bloomberg, positive views of the COP on a number of key issues fell by as much as 33%. 

But what were the agreements made by those in power, and why so much disappointment? In this article we look at the two major agreements reached by the major countries at COP 27.

Agreement 1: Common damage fund with greater transparency

The European Union has accepted the proposal to create a common fund to cover the damages caused by climate change in the poorest countries. It should be noted that one of the most important conditions is that the number of payer countries considered to be rich should be expanded. The main novelty is that China will be included, and it should be remembered that the Asian giant has multiplied its GDP by 34 in the last 30 years. 

On the other hand, it is hoped that the impact of this fund will be real and that it will not remain in opaque budget items in the hands of multinationals or governments with strong corruption problems.

Agreement 2: Prevention and mitigation of damage in poor countries

In the proposal of all the countries we find 199 points and there are clauses such as the one that the countries must fulfil their promises from previous editions of the COP. The 194 states that must reduce CO2 emissions so that global warming does not rise more than 1.5 Cº (which many scientists point out would be the maximum allowed).

They also highlight the 100 billion dollars that states must pay to the poorest countries for prevention and mitigation of climate change damages. Joe Biden made a controversial speech when he said that the US will invest 11.4 billion dollars in the fight against climate change, while countries such as the UK have pledged 13.7 billion dollars. The president's move was widely criticised as the US is the country that, according to several studies, has accounted for one-fifth of total global greenhouse gas emissions. Therefore, greater economic cooperation was expected from this world power.

What do the authorities and the experts say?

Authorities such as European Commission Vice-President Frans Timmermans points out "All this will only have an effect if we seriously reduce emissions, because, if not, there will not be enough money around the globe to solve the loss and damage on the issue of adaptation".

On the other hand, climate change experts such as Josep Garriga, who has been present at more than 19 editions of the COP, points out "With all the problems of wars such as those in Russia and Ukraine, it is already a great achievement that countries do not increase CO2 emissions. In addition, the energy crisis in Europe with rising electricity and gas prices being passed on to consumers by the electricity companies makes it difficult to reach multilateral agreements".

What does the future hold?

Reaching agreements is a step forward, but there are still open questions: How effective are the budget allocations in the fight against climate change? Is a change in the economic model necessary, apart from the energy transition and its implications? Will humanity really be capable of not exceeding the 1.5 Cº that science recommends in order to avoid global warming? 

Source: https://www.companias-de-luz.com/noticias/cop-27/