Loss and damage and other UN COP27 climate summit takeaways

• Development nations won Fund for “loss and Damage” for climate disasters.
• Fossil fuels interests won, and countries walked away with very few plans to curb pollution.
•  The planet is still on track to warm to catastrophic levels by the end of the century.

The United Nations climate summit was not everything that everyone wanted. 

Climate diplomats left Sharm el-Sheikh in Egypt with A historic deal — 30 years in the making — for rich countries to pay developing nations for the damages they are already facing from a warming planet. However, the Red Sea resort city negotiators did not agree to a more aggressive plan for curbing the climate change-related greenhouse gas emissions. 

After weeks of negotiations and over 36 hours since the annual climate meeting was due to conclude, almost 200 countries agreed to create a “loss or damage” fund. The issue was described as the litmus test of a successful COP27 by developing nations and UN Secretary-General António Guterres, especially given the summit’s location on the African continent, where people are most vulnerable to climate change yet have only contributed about 3% of global emissions. 

Guterres declared that the COP had made an important step toward justice. Let’s be honest. Our planet remains in emergency. We need to drastically reduce emissions now — and this is an issue this COP did not address. Although a fund to cover loss and damage is vital, it will not be enough if the climate crises wipes out small islands or turn entire African countries into deserts.  

Here’s a rundown of the progress world leaders did — and didn’t — make in Egypt: 

Progress: A win for developing countries

The creation of a fund that can help disaster-stricken countries was a breakthrough considering that, just a year before, the US and the European Union had opposed the idea because they were concerned about being held responsible for trillions of dollars in financial liabilities.

Biden’s administration changed its mind ahead of COP27. It supported putting the issue onto the formal agenda. Europe was critical in brokering the final deal for small island states. 

This agreement is the result of a decade-long effort by the G77+ China, a group of developing countries. This year’s leader of the group, Pakistan, was the most affected by the effects of climate change after flooding and monsoon rains in Pakistan last summer caused more than 1,700 deaths and caused $30 billion in damages.

Over the next year, details of which countries will pay for the climate finance program will be worked out. John Kerry, the US climate ambassador, has called on China to participate. This country, despite being one of the most polluting countries in the world, is not required to contribute to climate finance. 

During the two-week-long COP27 conference, Germany, Belgium and Austria combined committed more than $200 million in loss and damage. 

Disappointment: Petroleum and natural gas dominates

India’s efforts to demand the end of fossil fuels have been rebuffed despite having more support.  

The agreement out of Sharm El-Sheikh could have included “fossilfuels”. The Glasgow Pact struck at last year’s UN climate summit in Scotland, which only singled out “unabated coal” — coal that isn’t paired with carbon-capture technology to control emissions. It was not mentioned oil and gas, which are the mainstays of the situation after COP27.

It was not surprising that the outcome came out of Egypt, where officials from oil-producing nations like Saudi Arabia and United Arab Emirates stated they would continue to supply the fuel for the world as long as necessary. The fossil-fuel industry is also included. More than one nation had representatives at the conferenceAll except for the UAE which will host next year’s talks here in Dubai. Leaders from certain African countries are represented. Europe is looking for oil and natural gas suppliesTo fill the gap left by Russia following its invasion of Ukraine.

While the agreement did not call for an increase of renewable energy or “low-emissions electricity,” some climate advocates were concerned that it would open the door to natural gas. While natural gas emits about half as much carbon dioxide when it is burned, its main component of methane makes up the majority. The pollutant is 80 times more powerful than carbon dioxide in the first 20 years, but it doesn’t last as well.

Indonesia gave renewable energy a major boost, but not at COP27. Bali, Group of 20 SummitThe third-largest producer of coal in the world,, has pledged to reduce its carbon emissions by 2030 as part of a $20 billion agreement with the US, Japan and other rich countries to increase clean energy.

It’s still too hot!

With plans to increase the world’s temperature by 2.4 degrees Celsius over preindustrial levels, world leaders arrived at Sharm el-Sheikh. The UN. This would exceed the 1.5-degree target set by the Paris Agreement, which climate scientists believe could prevent the most severe impacts.  

Several countries, including Egypt and Mexico, set higher targets during COP27 to reduce their emissions by 2030. It seemed promising when Turkey said it would do so, but Bloomberg reportedThis plan will allow the country to double its carbon dioxide emission levels compared to 2020 levels.

All of these promises will not be enough to stop global warming. It is unlikely that the 1.5 degree goal will be achieved if emissions continue to rise at the current level for the next nine years. Researchers discovered. Emissions rose by oil and cement in 2022, mostly in India and the USA.