COP 27 Wraps Up
November 21, 2022.
On November 20, global policymakers wrapped up the two-week COP27, or “Conference of the Parties,” held in Sharm El Sheik, Egypt. COP meetings convene, on an annual basis, the signatories to the 1992 UN Framework Convention on Climate Change.
Why it matters: Diplomats finally agreed to a loss and damage fund, which would compensate developing countries suffering from climate change caused by the developed world. Poorer nations have been advocating for climate-related compensation for 30 years.
Yes, but: While American representatives agreed to this fund, money must be appropriated by Congress. With Republicans taking control of the House in January, it is not clear how much money Congress will allocate to the loss and damage fund.
What’s next: The final COP27 deal, however, fell short in terms addressing greenhouse gas emissions. As the New York Times reported, the deal did not make significant strides beyond what was agreed at COP26 last year.
Additionally, while many nations continued to push for a phase out of all polluting fossil fuels, the agreement maintained the COP26 language calling only for a “phase down of unabated coal.”
What they’re saying: As reported by the Washington Post, European Union climate chief Frans Timmermans shared his disappointment, stating that “the world will not thank us…what we have in front of us is not enough of a step forward for people and planet.”