Conference of the Parties (COP27)
COP27 was held in Egypt, Sharm El Sheikh from November 6 to November 18, 2022. It was presided over by Egyptian Foreign Minister Sameh Shoukry and attended by more than 92 heads of state and an estimated 35,000 delegates from 190 nations. COP27 was Africa’s first climate meeting since 2016.
In the face of a tough geopolitical environment, attending nations at COP27 delivered an agenda with these resolutions:
- Commitment to limit the global temperature increase to 1.5 degrees Celsius
- Efforts to reduce greenhouse gas emissions
- Increase financial, technological, and capacity-building assistance to poor countries in the face of loss and damages due to extreme climate events
- A “transitional committee” to provide suggestions for upcoming financial arrangements in preparation for COP28
- Launched the Food and Agriculture for Sustainable Transformation (FAST) initiative to improve the quantity and quality of Agriculture by 2030
The United Nations acknowledged that COP27 did not achieve much success in mitigation, such as phasing out fossil fuels.
Governments made the historic decision to create new financial mechanisms, as well as a dedicated fund, to help poor nations in reacting to loss and damage. Establishing special funds for loss and damage is a significant step forward in the history of COP. This new step was the first to be established in COP history.