COP 27 was the 27th United Nations Climate Change conference. This year, the conference took place in Egypt and many agreements on climate policy were made.
Loss and Damage
COP 27 reached a “breakthrough,” according to the UN. The UN describes this consensus as “loss and damage” advancement. This pledge would finance governments who pledged to curate funds dedicated to funding countries that have been affected by climate disasters.
Sharm el-Sheik Implementation Plan and Climate Finance
The Sharman el-Sheikh Implementation Plan stresses that “transformation to a low-carbon economy is expected to require investments of at least USD 4-6 trillion a year,” according to the UN. Developed countries were supposed to organize 100 billion annually by 2020. Now, it is 2022 and those goals have been left unfulfilled, making climate finance an important topic at this year’s climate conference.
The UN’s $3.1 billion plan
The UN’s “Executive Action Plan for the Early Warnings for All initiative” will invest $3.1 billion between 2023 and 2027. The executive action plan will enable “countries with limited early warning coverage have disaster mortality eight times higher than countries with high coverage,” according to the UN.
Money, Money, Money
The countries of Denmark, Finland, Germany, Ireland, Slovenia, Sweden, Switzerland and the Walloon region of Belgium placed an emphasis on the Global Environment Facility funds, according to the UN. These funds would assist low-income states with climate change adaptation.
COP is held every year and while these are all great plans, countries at COP do not always follow through with their decisions. This is exemplified by the incomplete 2020 goal of mobilizing 100 billion annually.