At the COP27 UN Climate Change Conference which ended on Sunday morning in Sharm el-Sheikh, Egypt, the European Commission showed ambition and flexibility to keep the goal of limiting global warming to 1.5 degrees within reach. After a difficult week of negotiations, a strong and united European effort helped secure a hard-fought deal to keep the targets of the Paris Agreement alive. The EU's bridge-building also helped to put in place balanced new funding arrangements, with an expanded donor base, to help vulnerable communities to face loss and damage caused by climate change.
On mitigation, Parties agreed that limiting global warming to 1.5C requires rapid, deep and sustained reductions in global greenhouse gas emissions, reducing them by 43 percent by 2030 relative to the 2019 level. They also recognised that this requires accelerated action in this critical decade, and reiterated the call from the Glasgow Climate Pact for nationally determined contributions (NDCs) to be updated as necessary to align with the Paris Agreement temperature goal, by the end of 2023. They also affirmed that the Glasgow Climate Pact will guide a new Mitigation Work Programme to encourage Parties to align their targets and actions towards net zero.
On loss and damage, the Parties decided to establish new funding arrangements for assisting developing countries that are particularly vulnerable to the adverse effects of climate change. This includes a new fund with a focus on addressing loss and damage, to be established by a transitional committee which would also look into expanding sources of funding.
This is the make-or-break decade for our planet. More effort is needed to keep 1.5 alive and keep climate change within the limits set by the Paris Agreement. At COP27 the EU had to fight day and night to defend the necessary level of ambition. Despite repeated attempts to undermine progress made in Glasgow last year, we held the line so that next year’s COP can raise ambition again. We also broke new ground on financial responses to the climate crisis. The creation of a new fund on loss and damage focused on the most vulnerable countries also allows us to start a conversation about expanding the sources of finance beyond the traditional donor base. To tackle the climate crisis, we have to shift trillions and align all financial flows to our common climate objectives.
Frans Timmermans, Executive Vice-President for the European Green Deal
For More Information
- Publication date
- 21 November 2022
- Representation in Ireland