The 27th United Nations Conference on Climate Change, often known as the Conference of the Parties to the UNFCCC or COP27, is currently taking place in Sharm El Sheikh, Egypt, from November 6 till November 18, 2022. With loss and damage on the agenda for the first time, things got off to a strong start.
But now that the prominent figures have departed the UN climate conference, authorities and negotiators are settling on agreements and specifics. And the news isn’t all negative!
Here are some of the more encouraging signs to look out for in the upcoming second week as we move closer to a final agreement at COP27.
Young people finally get a seat at the table
The Children and Youth Pavilion, the first designated area for youth at COP27, debuted this year. And so far, the entire event has been humming with activity.
Alok Sharma, the president of COP26, and Sameh Shoukry, the president of COP27, have both paid them visits. Many of the young participants have enjoyed having a dedicated room for meetings.
On Friday, YOUNGO—the UNFCCC’s official young constituency—celebrated getting official status as participants in developing and putting into practice climate policies.
They will now be able to approach governments and request inclusion in national delegations as a result of this recognition.
These young activists now hope that their participation may be firmly established as a cornerstone of all upcoming UN climate conferences.
India seeks deal to ‘phase down’ fossil fuels
Countries made commitments to “scale down” coal power last year. India wants to include all fossil fuels in its pledge.
The final declaration from COP26 in Glasgow contained a pledge to “scale down of unabated coal power.” It began as a demand to gradually phase out the polluting fuel but ended with more ambiguous language about phase-down. However, it was still important because it was the first time the fossil fuel sector had been warned.
Now, sources have told Reuters that India wants to pressure nations to agree to phase out all fossil fuels at the UN climate conference in Egypt.
If the plan is to be incorporated into the final COP27 deal, it must receive this week’s consensus approval.
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Reaching net zero – without greenwashing
The increase in net zero promises, according to UN Secretary-General António Guterres, is “excellent news.” Currently, promises like these span more than 80% of the world’s economy.
But in terms of effectiveness, Guterres added, the existing approach is little more than “rank deception” with “loopholes wide enough to drive a diesel truck through.”
The UN’s latest report lays out specific guidelines for initiatives to reduce carbon emissions. It demands that organizations, financial institutions, local governments, and geographic areas that seek to use the term “net zero” match themselves with scientific evidence.
Barbados advocates for a revamp of the climate finance system.
Barbados proposed a ground-breaking scheme for financing climate change, and it received strong support at COP27.
It was created by Prime Minister Mia Mottley and climate finance representative Avinash Persaud and is known as the Bridgetown Initiative. The objective is to reformulate global financial institutions, hold them accountable, and ensure that funds are allocated to nations whose debt problems have been exacerbated by the climate issue.
The idea would contribute to opening up new channels for raising money for climate action.
The international financial institutions will need to “come up with tangible measures to activate these new funding possibilities” by next spring.
G7 announces the “Global Shield” to combat climate crisis.
A new insurance mechanism has been introduced by the Group of Seven top economies in order to quickly give financial assistance to countries affected by the catastrophic effects of climate change.
Its name is “Global Shield,” and 58 countries that are susceptible to climate change support it. Over €200 million, largely from Germany, will be the initial donation.
The insurance fund, which went into effect on Monday, is designed to aid vulnerable nations in recovering from climate calamities. Bangladesh, Ghana, and Pakistan will be some of the first nations to get assistance.
Around €40 million has also been committed to the project by other nations, notably Ireland and Denmark.
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