Determined to establish a fund for losses and damages from climate change
The Final document approved at Cop27 in Sharm el-Sheikh saves the goal of keeping global warming within 1.5 degrees from pre-industrial levels, considered the major achievement of the Glasgow Cop26 held last year. However, the document says nothing about the reduction or elimination of the use of fossil fuels, which had been requested by several countries. It calls only for the reduction of coal-fired electricity generation with unabated emissions, not for its elimination. And he underlines the importance of the transition to renewable sources, hoping for the elimination of subsidies for fossil fuels.
However, COP27 recognizes that to maintain the 1.5 degree target it is necessary to reduce emissions by 43% in 2030 compared to 2019. But with the current decarbonisation commitments, the cut in emissions by 2030 would be only 0.3% compared to 2019. For this reason, states that have not yet updated their decarbonisation targets (NDC) are invited to do so by 2023.
The plenary assembly also decided the establishment of a fund to recover from the losses and damages of climate change. A transitional committee will have to prepare a project to be presented at the next Cop28 in 2023 for the operational start-up of the fund.