For two weeks of intense dialogue on climate change issues at the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), the parties have reached an agreement.
The agreement was reached at the last plenary session on Sunday morning and is called the Sharm el-Sheikh Implementation Plan (SHIP).
Parties re-committed to keeping the 1.5°C global temperature rise target intact, while significant progress was also made on climate issues.
As part of the SHIP, the parties agreed to establish a historical loss and damage fund for climate change, the first time that loss and damage were included on the agenda.
The new fund will see donors contribute to a global fund to save lives and livelihoods from climate change-related disasters.
At the closing plenary session, COP President Sameh Shoukry said: “The work we have been able to do here in the last two weeks and the results we have achieved together are a testament to our collective will as a community of nations to express a clear message that is calling loudly today, here in this room and in the world. throughout: that multilateral diplomacy still works.”
“Regardless of the difficulties and challenges of our time, differences of vision, level of ambition or fear, we remain committed to the fight against climate change… We moved forward, we stood up to our responsibilities and took the important and decisive political decisions that millions of people around the world expect from us”, he added.
The Agreement marked major advances and developments for developed countries in Mitigation, Adaptation, Financing and Loss and Damage for developing countries.
The issue of loss and damage was, for the first time, central to the COP agenda and progress in its funding is seen by many as a key part of the success recorded at COP27.
According to Mr Shoukry, the agreements and commitments on loss and damage are aimed at unlocking greater ambitions for mitigation and adaptation.
At the conference, financial commitments were made to cover losses and damages from several countries, including Austria, Belgium, Canada, France, Germany and New Zealand, joining Denmark and Scotland, which had previously made commitments.
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It was also welcomed by the High Level Champions to improve Ambition to implement the Five-Year Plan to Enhance the Marrakech Partnership for Global Climate Action.
In particular, the Sharm El-Sheikh Adaptation Agenda, the regionalization of climate action and the advancement of investment and access to finance in developing countries were particularly praised. The COP also encouraged High-Level Champions to continue to increase their engagement with non-state actors, in line with the new priorities emerging from COP27, and to follow up on the implementation of initiatives launched during the year.
Speaking further, COP President Shoukry said: “This was not easy. We worked for hours. Long days and nights. Tense and sometimes tense, but united and working towards a single goal, a common goal that we all subscribe to and want to achieve. In the end, we delivered.”
Speaking about the year ahead, Mr Shoukry said: “We leave Sharm El-Sheikh with renewed hope for the future of our planet, an even stronger collective will and more determination to achieve the Paris Agreement’s temperature target.
“We have just approved a landmark program of work to mitigate and implement Sharm El-Sheikh, which will help enormously to keep 1.5 within reach, and I’m sure we all know what needs to be done to protect 1.5 and ensure we never go beyond it.”
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