After a year of hurricanes, wildfires, and record-breaking temperatures, representatives from nearly 200 countries gathered together in Sharm El-Sheikh, Egypt for the 27th annual Conference of the Parties (COP27).
The convention, held between November 6-20, covered a number of environmental topics, including renewable energy, habitat restoration, and reducing carbon emissions. It also reaffirmed the 1.5 Celsius warming limit that had been previously established.
One of the main focuses of the conference, however, was creating a collaborative fund for the countries that have been most impacted by the economic and non-economic consequences of climate change, also known as loss and damage. This includes everything from land degradation to loss of biodiversity.
A report released by the committee in relation to the loss and damages acknowledges that previous funds have been insufficient and recognizes the need for “new, additional, predictable and adequate financial resources to assist developing countries that are particularly vulnerable to the adverse effects of climate change.”
The highest proponents of climate change include the United States, Russia, China, India, and the European Union (EU). Yet, it’s small islands and developing countries that have seen the largest social, economic, and environmental consequences.
The last few decades in particular have seen a rise in natural disasters like hurricanes and droughts, which have contributed to widespread famine, displacement, and poverty in parts of the world.
During last year’s conference, talks of funding were ultimately abandoned. However, during the COP27, developing nations and small island countries collaborated in an effort to push for a fund to pay for the loss and damage they’ve already experienced and what is to come.
“Today, the international community has restored global faith in this critical process that is dedicated to ensuring no one is left behind. The agreements made at COP27 are a win for our entire world,” said Minister Molwyn Joseph, the chair of the Alliance of Small Island States (AOSIS). AOSIS, which is made up of 39 small and low-lying coastal islands, was one of the intergovernmental organizations involved in the process.
As a result of these combined efforts, new investments were made with the goal of mobilizing the change towards sustainable living, providing relief to those affected by climate change, and protecting land and animals around the world.
Over 230 million USD were pledged to the Adaptation Fund. A number of countries including Switzerland, Denmark, and Finland donated around 105.6 million USD in new funding for the Global Environment Facility, which aims to fight the loss of biodiversity, especially in vulnerable countries. In addition, the Global Shield against Climate Risks was launched with an initial commitment of around 200 million USD.
The COP28 will feature more discussions, reports, and plans regarding funding.
While some argue that the agreement contains purposely vague language that may allow countries to bypass their responsibilities, many see it as the first of many steps on the path of recovery for those who’ve been most affected by climate change.
“We have shown those who have felt neglected that we hear you, we see you, and we are giving you the respect and care you deserve,” said Molwyn Joseph.
