COP27, or the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), was held in November 2022 in Sharm El Sheikh, Egypt.
COP27 brought governments together to accelerate global efforts to confront the climate crisis. It was an important moment because the latest science shows that climate change is moving much faster than we are, pushing ecosystems and communities to their limits.
The main objective of COP27 was to advance the implementation of the Paris Agreement, a global pact signed in 2015 with the goal of limiting global warming to well below 2 degrees Celsius. The COP27 resulted in a number of important conclusions, including the launch of a five-year work programme to promote climate technology solutions in developing countries and a mitigation work programme aimed at scaling up mitigation ambition and implementation.
The conference also emphasised the need for increased cooperation and ambition from all countries, as well as the importance of involving non-party stakeholders, such as businesses and civil society, in the global effort to combat climate change. Additionally, COP27 established a “loss and damage” fund for vulnerable countries hit hard by climate disasters and called for increased support for adaptation and resilience efforts. Overall, the COP27 reaffirmed the global community’s commitment to the Paris Agreement and the urgent need for action to address the climate crisis.
According to Forbes, the final COP 27 text also included a call for the “transformation of the financial system and its structures.”
They suggest momentum is building to reform the World Bank and other development finance institutions to meet the climate challenge.
The World Resources Institute have created a resource hub connected with COP 27 with latest news, articles, research, data and more.