User:Jogdand.rushikesh/cop27

in Sharm El Sheikh, Egypt.

The conference led to the first loss and damage fund being created.

Background


The Egyptian organizers advised countries to set aside tensions over the 2022 Russian invasion of Ukraine to ensure negotiations are successful.

Possible climate change measures were discussed at the 2022 United Nations General Assembly, including the governments of several island nations launching the Rising Nations initiative

such as floods in Pakistan, heat waves in Europe and Hurricane Ian that impacted countries in South, Central and North America.

One week ahead of the summit, the United Nations Environment Programme (UNEP), released a report outlining how there was "no credible pathway" to limiting global temperature increase to 1.5 °C and that mitigation efforts since COP26 had been "woefully inadequate". But countries can curb time spent in a warmer world by adopting more ambitious climate pledges and decarbonizing faster, according to a new research published in the academic journal Nature Climate Change during the COP27.

Several days before the opening of the summit a report was published, sponsored by some of the biggest agricultural companies. The report was produced by Sustainable Markets Initiative, an organization of companies trying to become climate friendly, established by King Charles III. According to the report, Regenerative agriculture

Two days before the start of the talks, a compromise was reached, "that discussion would focus on 'cooperation and facilitation' not 'liability or compensation. The ultimate goal of the 2022 COP27 was in dispute.

Sponsorship
The conference was sponsored by Coca-Cola. Several environmental campaigners suggested this was greenwashing, given the company's contribution to plastic pollution. Coca-Cola is the largest plastic polluter in the world with 1.9 billion consumptions of Coca-Cola products per day around the world. This has led to three million tons of plastic packaging used by the Coca-Cola Company in one year. These plastic bottles are not biodegradable and are fabricated from toxic chemical compounds. For example, plastic Coca-Cola bottles demonstrated high levels of phthalate ester leaching. It is recommended to avoid drinking from plastic bottles that leach these chronic and highly toxic chemicals. Lack of proper disposal causes these bottles to be released into the environment. This has harmful consequences to animals if they ingest plastics and in environments such as degradation into microplastics. Coca-Cola is a multinational litter brand meaning its single-use plastic packaging has various consequences dependent on regional and national plastic regulations and/or laws. The company also has very high water usage despite its water neutrality pledge.

Challenges for the African continent
In a report published in October 2021, the Intergovernmental Panel on Climate Change (IPCC) considered Africa to be the most vulnerable continent

Itinerary and events
(e.g. greenhouse gas inventories and carbon footprint accounting in prospectus for financial securities) that substantiates compliance with such pledges. After the release of the report, a research consortium called the Net Zero Tracker that includes the NewClimate Institute, the Energy and Climate Intelligence Unit, the Data-Driven EnviroLab of the University of North Carolina at Chapel Hill, and the Net Zero Initiative at the University of Oxford issued a report evaluating the climate neutrality pledges of 116 of 713 regional governments, of 241 of 1,177 cities with populations greater than 500,000, and of 1,156 of 2,000 publicly-listed companies in the 25 countries with the greatest emissions (whose pledges cover more than 90% of the gross world product) by the recommendations of the UN report and found that many these pledges were largely unsubstantiated and more than half of cities have no plan for tracking and reporting compliance with pledges.

Opening days
In his opening remarks, Egyptian president Abdel Fattah el-Sisi called for countries to act on climate change, drawing attention to the impact of extreme weather events in recent years. Barbados premier Mia Mottley called for grant-based rather than loan-based approach to climate finance. She requested that world leaders implement natural disaster clauses to developing countries' debt. She explains that development banks, the institutions that provide developing countries with loans for infrastructure development, are outdated. In her speech, she praised Denmark as they are the first country to propose a fund that directly helps countries who face the most severe consequences from climate change.

Negotiations
The United States proposed a system of carbon credits for facilitating energy transition in low income countries. The U.S. Development Finance Corporation tried to increase investment to help low income countries deal with different impacts of climate change. As a whole, rich countries gave 29 billion dollars to the issue in the year 2020 but it is only a fraction of what is needed. The climate minister of Pakistan Sherry Rehman demanded high income countries will pay for the damage caused by climate change impacts, stating that floods in Pakistan cost the country 30 billion dollars that "Pakistan cannot afford". Some countries do announce new funding to support loss and damage in recent days, including New Zealand ($20 million) and Austria (50 million euros ). Germany and Denmark pledged more than 170 million euros for the "Global Shield," a new fund that will help to lower income countries cope with climate disasters. Negotiations over loss and damage are expected to continue.

Germany and the United States announced over $250 million in resources to support Egypt’s clean energy economy. The program will deploy new wind and solar energy while decommissioning inefficient natural gas generation. It is also expected to enhance energy security by freeing up over two billion cubic meters of gas.

A new site (Climate Trace) was opened, showing from where exactly greenhouse gas emissions came from. The map is open to the public. The aim is to provide public with correct information as self-reported information is often unreliable, especially about methane. The data is based on measurements from satellites, and sensors on land and on ships and planes.

Over 150 states pledged to curb methane emissions. China did not join this undertaking and refused to commit to provide economic assistance to vulnerable countries. This has been interpreted as a walk back from its diplomatic strategy to create strong links with the developing world.

Plant-based treaty advocates
vegans

Outcomes
At the conference, a loss and damage fund was agreed for the first time, which was considered a significant achievement. The loss and damage fund is an agreement to provide funding to countries who are most vulnerable and affected by climate change. This was a very significant breakthrough that helps developing countries that experience the worst impacts.

A commitment to phase out fossil fuels was not made. Countries had failed to move away from fossil fuels. Although they have focused on "low emission energy", this still continues to be a source of greenhouse gas emissions.""