COP 27: Improving Targets to limit the Temperature Increase to 1.5 Degree Celsius

The Sharm El-Sheikh Implementation Plan in COP 27 is an advance over Glasgow by improving target efforts to limit the temperature increase to1.5 degrees Celsius.

• COP27 reaffirmed their commitment to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels.

Challenges

• Loss and Damage: Developing countries have been seeking financial assistance for loss and damage for nearly 3 decades.
• Finance: Transition to a low-carbon development pathway will entail costs, pertaining to the deployment of new technologies, development of new infrastructure, and other transaction costs.
• Sustained Reduction: Limiting global warming to 1.5⁰C require rapid, deep and sustained reductions in global greenhouse gas emissions of 43 per cent by 2030 relative to 2019 level.
• Local Level Adaptation: Solutions that can be adopted at a local level to respond to local climate contexts.

Sharm El-Sheikh Implementation Plan

• Loss and Damage: COP27 resulted in agreements to provide “loss and damage” funding for vulnerable countries hit hard by climate disasters.
• Santiago Network for Loss and Damage, signed to catalyze technical assistance to developing countries that are particularly vulnerable to the adverse effects of climate change.
• Technology: A new five-year work program was launched at COP27 to promote climate technology solutions for developing countries.
• Adaptation: The Sharm el-Sheikh Adaptation Agenda was announced enhancing resilience for people living in the most climate-vulnerable communities by 2030.
• Global Stocktake: The second technical dialogue of the first global stocktake, a mechanism to raise ambition under the Paris Agreement was concluded.
• Boosting Financial Support:
  • Adaptation Fund: New pledges, totaling more than USD 230 million, were made to the Adaptation Fund to help many more vulnerable communities.
  • Early Warning Systems: A USD 3.1 billion plan was announced to ensure everyone on the planet is protected by early warning systems within the next five years.
• Global Shield: The G7 and the V20 (‘the Vulnerable Twenty’) launched the Global Shield against Climate Risks.
• Forest and Climate Leaders’ Partnership: Aims to unite action by governments, businesses and community leaders was launched to halt forest loss and land degradation by 2030.
• Koronivia Joint Work for Agriculture (KJWA): KJWA set up in 2017 at COP23 in Bonn was given another four-year lease of life at COP27.