As COP 27 winds up, here’s a quick look at some of the major outcomes at COP 27, apart from the much-reported loss and damage discussion.
COP27 convened over 45,000 people, including government representatives, observers and civil society.
Launch of the first report of the High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities: The report slammed greenwashing – misleading the public to believe that a company or entity is doing more to protect the environment than it is – and weak net-zero pledges and provided roadmap to bring integrity to net-zero commitments by industry, financial institutions, cities and regions and to support a global, equitable transition to a sustainable future.
Executive Action Plan for the Early Warnings for All initiative: This UN announced plan calls for initial new targeted investments of $ 3.1 billion between 2023 and 2027, equivalent to a cost of just 50 cents per person per year.
Climate TRACE Coalition: Former US Vice-President and climate activist Al Gore, with the support of the UN Secretary-General, presented a new independent inventory of greenhouse gas emissions. The tool combines satellite data and artificial intelligence to show the facility-level emissions of over 70,000 sites around the world, including companies in China, the United States and India. This will allow leaders to identify the location and scope of carbon and methane emissions being released into the atmosphere.
Master plan to accelerate the decarbonization: COP27 Egyptian Presidency presented a master plan to accelerate the decarbonization of five major sectors – power, road transport, steel, hydrogen, and agriculture.
Food and Agriculture for Sustainable Transformation initiative or FAST: Launched by COP 27 Egyptian Presidency, FAST looks to improve the quantity and quality of climate finance contributions to transform agriculture and food systems by 2030.
Adaptation Agenda: It is a comprehensive, shared agenda to rally global action around 30 adaptation outcomes that are needed to address the adaptation gap and achieve a resilient world by 2030.
Action on Water Adaptation and Resilience Initiative: A new Action for Water Adaptation and Resilience (AWARe) initiative has been launched at the UN Climate Change negotiations, reflecting the importance of water both a key climate change problem and a potential solution. It underlines the commitment of Egypt as COP27 President to making water a top priority.
AWARe has three principal aims:
Africa Carbon Markets Initiative: The new Africa Carbon Markets Initiative (ACMI), which was inaugurated today at CO2 ACMI announced a bold ambition for the continent—to reach 300 million credits produced annually by 2030. This level of production would unlock 6 billion in income and support 30 million jobs. By 2050, ACMI is targeting over 1.5 billion credits produced annually in Africa, leveraging over $120 billion and supporting over 110 million jobs.7, aims to support the growth of carbon credit production and create jobs in Africa.
Global Renewables Alliance: Global clean energy industry organisations — representing wind, solar, hydropower, green hydrogen, long-duration energy storage, and geothermal energy — have officially joined forces today under one Global Renewables Alliance, with the signing of a Memorandum of Understanding at COP27.
First Movers Coalition (FMC) Cement & Concrete Commitment: It aims to decarbonize the heavy industry and long-distance transport sectors responsible for 30% of global emissions. This coalition of global companies has committed $12 billion in purchase commitments for green technologies to decarbonize the cement and concrete industry and other hard-to-abate sectors. India also became a part of this coalition in COP 27.
Breakthrough Agenda: Countries representing more than 50% of global GDP launched a package of 25 new collaborative actions to be delivered by COP28 to speed up the decarbonisation under five key breakthroughs of power, road transport, steel, hydrogen and agriculture.
Global Shield Financing Facility: A G7-led plan called the Global Shield Financing Facility was launched at COP27 to provide funding to countries suffering climate disasters.
Indonesia Just Energy Transition Partnership: The new Indonesia Just Energy Transition Partnership, announced at the G20 Summit held in parallel with COP27, will mobilize USD 20 billion over the next three to five years to accelerate a just energy transition.
Forest and Climate Leaders’ Partnership: This partnership aims to unite action by governments, businesses and community leaders to halt forest loss and land degradation by 2030.
Mangrove Alliance for Climate: An initiative led by the United Arab Emirates (UAE) and Indonesia, the Mangrove Alliance for Climate (MAC) includes India, Sri Lanka, Australia, Japan, and Spain. It seeks to educate and spread awareness worldwide on the role of mangroves in curbing global warming and its potential as a solution for climate change.
Dedicated day for agriculture: This was the first COP to have a dedicated day for Agriculture, which contributes to a third of greenhouse emissions and should be a crucial part of the solution.
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