Current Affairs » COP 27

COP 27

The meetings review the progress made by countries in the fight against climate change.

Recently, the United Nations Climate Change Conference 2022 — COP27 was held in Sharm el-Sheikh, Egypt.

Key Points:

About COP

  • The Conference of Parties (COP) is the apex decision-making body of the United Nations Climate Change Framework Convention (UNFCCC). 
  • It has representatives from each country that signed the Paris Agreement.
  • It meets annually to assess the progress in implementing decisions taken in earlier COPs.

 

UNFCCC 
  • UNFCC was formed in 1994 to stabilize greenhouse gas emissions and to protect the earth from the threat of climate change. 

 

Key Highlights of COP 27

  • COP27 goals:

    • Mitigation: Urged nations to lead by example in reducing emissions to limit global warming below 2°C.
    • Adaptation: Enhance climate change resilience and assist the world’s most vulnerable communities.
    • Finance: Delivery of the promised $100 billion per year to assist developing countries.
    • Collaboration: As the UN negotiations are consensus-based, reaching an agreement will require inclusive and active participation from all stakeholders.
  • COP27 agreed to include ‘loss and damage’ in the main agenda.
  • It seeks to accelerate global climate action through emissions reduction and the building-up of adaptation efforts.

What is ‘Loss and Damage’?

  • The term “loss and damage” in UN climate negotiations refers to costs the developed countries, should pay to poorer nations that have made a negligible contribution to emissions but are more vulnerable to extreme climate events.
    •  For example, the devastating floods in Pakistan recently
    • It is an extension of the universally acknowledged “Polluter Pays” principle.
  • Challenge:
    • It is difficult to define and assess the damage caused purely due to climate change.