The United Nations Climate Change Conference COP27 has reached an agreement to provide “loss and damage” funding for vulnerable countries hit hard by climate disasters. Indeed, a decision was taken to establish new funding arrangements, as well as a dedicated fund, to assist developing countries in responding to loss and damage. Countries also agreed to create a ‘transitional committee’ to make recommendations on how to operationalise both the new funding arrangements and the fund at COP28 in 2023. The first meeting of the transitional committee is expected to take place before the end of March 2023.
In addition, countries endorsed a package of decisions that reaffirmed their commitment to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels, which require global greenhouse gas (GHG) emissions to decline by 45% by 2030. The package also strengthened action by governments to cut emissions and adapt to the impacts of climate change, as well as boosting the support of finance, technology and capacity building needed by developing economies. A mitigation work programme was launched, aimed at urgently scaling up mitigation ambition and implementation. Governments were also requested to revisit and strengthen the 2030 targets in their national climate plans by the end of 2023, as well as accelerate efforts to phase down unabated coal power and phase-out inefficient fossil fuel subsidies.
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