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Your Climate Action Diary - 28

Year 2022 • Week 48 • Anushthatri Sharma
Hi,

Hope you have been well ! 

On this edition, let’s concentrate on the U.N. Climate Summit COP27.
World leaders, businesses & climate negotiators from nearly 200 nations descended in Egypt this month to agree on the way forward for global climate action. While the summit ended with mixed reactions from public - particularly for little progress on discussion of scaling back fossil fuels - it did manage to bring all parties on-board for the establishment of a ‘loss and damage’ fund for ‘vulnerable countries’ suffering from climate impact, that has long been in discussion.

Another interesting take away, if you ask us is the gradual shift from ‘climate-mitigation’ to ‘climate-adaptation’, as the climate situation worsens globally.


Stay Safe,

Harish,
Team OnePointFive Tribe

Key Conclusions From The COP27

Key takeaways from COP27 include setting up of a fund to provide payouts to developing countries for ‘loss and damage’ from climate impact & proposal of plans to reform leading public lenders (such as World Bank) to free up more cash for Climate Action. The pressure to scale back fossil fuel continued, without much progress.

The COP27 'Global Goal On Adaptation Framework' Negotiations

After days of intense negotiations, countries reached agreement on the establishment of a framework for achieving Global Goal on Adaptation (GGA) and matters related to climate finance. Here is a little insight into how the negotiation was worked through, over the days leading to COP27.

COP27 Agrees on Fund, But Who Will Cover Cost ?

Though COP27 highlight remains the establishment of a 'loss & damage' fund (with particular focus on vulnerable nations); the prime question of who will receive the fund and who will pays for it - still remained up for debate at the end of the summit.

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