France welcomed the progress for the most vulnerable countries but regretted:” The lack of climate ambition ” of the COP 27 in Egypt, in a press release by the Minister of Energy Transition Agnès Pannier-Runacher.

A major event on the 2022 international climate calendar, COP 27 took place from November 6 to November 20, 2022 in Sharm el Sheikh in Egypt. Was this year's conference of the parties up to the climate challenges? Answer in this article.

What is a COP?

The COP (Conferences of the Parties), also called Conference of signatory states, refers to the supreme decision-making body of the United Nations Framework Convention on Climate Change (UNFCCC).

During a COP, the signatory states of the convention meet to Taking stock of the application of the Convention and set new goals global climate.

For more information, do not hesitate to consult our article on the objective of the Conferences of the Parties (COPs).

Reminder of the key challenges of COP 27

Alerted since the first report of IPCC, in 1990, of The impact of human activity on global warming, the States have set themselves the objective, from the first COP, of reducing their emissions of greenhouse gases.

COP 27 is the link between COP 26 in Glasgow (2021), which finalized the rules for implementing the Paris Agreement, and COP 28 in Dubai (2023), which will draw up a first global assessment of climate action.

Four main issues will be addressed during this 27th Conference of Parties on climate:

• Attenuation greenhouse gas emissions;
• The financing losses and damages related to the direct consequences of climate change;
• Adaptation facing the consequences of global warming;
• La wrestling against greenwashing

Did this COP27 keep its promises?

What are the highlights of COP27?

The European Union announces an increase in its climate ambition

Frans Timmermans, Vice President of the European Commission, announced that the European Union was ready to reduce greenhouse gas emissions by 57% by 2030 compared to 1990 (compared to 55% so far).
Chiara Martinelli, director of Climate Action Network (CAN) Europe, reacted to this announcement by saying that”This 2-point increase is far from the much-needed 65%, the fair share that the EU should aim for in order to limit global warming to 1.5°C”.

The United States is deploying a nearly $370 billion plan

Through his colossal plan of nearly 370 billion dollars, Joe Biden assured that the United States would keep its Objective to reduce emissions by 50% to 52% by 2030 compared to 2005.

“All countries need to do more. At this meeting, we need to renew and raise our climate ambitions.”, he insisted, while the current commitments of the various countries aim at a trajectory of a catastrophic warming of 2.8°C, according to the UN. Recall that the Paris agreement aimed to contain the rise in temperatures well below 2 °C, if possible to 1.5 °C.

210 million euros for the establishment of a global shield against climate risks.

During this COP 27, the V20 (the group of the most vulnerable countries) and the G7 announced the launch of a Global Climate Risk Shield. What does it consist of? It aims to help populations finance the impacts of global warming through “pre-organized financing” that can be disbursed before or just after a climate disaster.

These 210 million euros will benefit a first group of countries including Senegal, the Philippines, Pakistan, Ghana, Fiji, Costa Rica and Bangladesh.

A new partnership for a successful energy transition has been signed with Indonesia

Partnerships for An energy transition just (JETP) were launched in 2021 during COP 26, with South Africa inaugurating it. This year, a new JETP was announced between Indonesia and a group of countries including the United States and Japan, worth $20 billion.

In return, Indonesia is committed to shutting down its coal-fired power plants and bringing the sector's emissions peak forward by seven years, in 2030.

This envelope represents the largest climate finance ever made.

Proposals for Climate Prosperity Plans from several vulnerable countries

The countries of the South presented their new Climate Prosperity Plans (CPPs), the objective is to mobilize investments in order to stimulate economic growth and employment, while accelerating climate adaptation and reducing CO2 emissions.

In 2021, at COP26, Bangladesh was the first country to launch a CPP (Mujib Climate Prosperity Plan). This year, at COP27, it is the turn of Ghana, Maldives and Sri Lanka to present their climate prosperity plans.

Sri Lanka, for example, through its CPP, aims to mobilize 26 billion dollars in short-term projects, such as a 5 gigawatt wind network, a high-voltage network and an underwater network to connect India.

What is the balance sheet for COP 27?

COP27 ended on Sunday November 20, 2022 after difficult negotiations with a disputed text on aid to poor countries affected by climate change, but also on a failure to set new ambitions for the reduction of greenhouse gases.

”We need to drastically reduce emissions now, and that's a question that this COP didn't answer.”, regretted the UN Secretary General, Antonio Guterres.

The text on emissions cuts was also hotly contested. Many countries have denounced a setback in the ambitions defined at previous conferences of the parties, and in particular on the objective of the Paris Agreement to contain global warming to 1.5°C.

The commitments of COP27, if kept, would (at best) put the world on a trajectory of +2.4°C in 2100 and, at the current rate of CO2 emissions, on that of a catastrophic +2.8°C.

Where will COP28 take place?

COP28 will take place in Dubai During the month of November 2023. This will be the third time that the annual negotiations will be held in the Middle East, after Qatar in 2012 and Egypt in 2022.

To go further, do not hesitate to consult our article on carbon neutrality .

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