UNFCCC COP-27th Concludes in The Egyptian City of Sharm el-Sheikh

Key Outcomes Agreed At The UN Climate Talks in cop-27

The 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) (COP-27) came to an end in the Egyptian seaside city of Sharm el-Sheikh on Sunday, November 20, after an inevitable extension ahead of schedule on Friday. COP 27 brought together more than 45,000 participants to share ideas, solutions, and build partnerships and alliances. Members of civil society, including local people, nearby towns and cities as well as young people and children, presented their efforts to combat climate change and discussed how it affects their daily lives.

What is the Conference of the Parties (COP) ?

The Conference of the Parties (COP) is the group of nations that have signed the UNFCCC, which was put together in 1992. In this, they make a joint commitment to curb greenhouse gas levels by preserving dangerous anthropogenic (human-induced) interference with the climate system. Greenhouse gas level. The parties, or nations, have convened virtually annually since that time. The 26th, known as COP26, took place in Glasgow, Scotland in November of 2021. 120 international leaders and officials from nearly 200 countries participated. The Glasgow Climate Pact, which was its culmination, outlined the Paris Agreement's 2015 goal of "limiting the increase in global average temperature to well below 2 °C above pre-industrial levels and taking measures to limit it to 1.5 °C". Doing.

World Leaders Summit

Six high-level roundtable talks were held during the World Leaders Summit, which took place over the course of two days during the first week of the summit. The conversation focused on ways to address climate problems and how to deliver the money, resources and tools to successfully take climate action on a large scale. Topics debated included food security, vulnerable populations and just transitions. The decisions taken today, in particular through the Five-Year Action Plan on Action for Climate Empowerment and the mid-term review of the Gender Action Plan, once again emphasized how important it is to give all stakeholders the tools they need to participate in climate action. All parties will be able to collaborate on addressing the partnership imbalance for these outcomes, which will also provide stakeholders with the resources they need to promote more comprehensive and inclusive climate action across the board.

United Nations Climate Change High Level Activities

During COP27 there was a space for governments, corporations and civil society to collaborate and present their practical climate solutions, which ran alongside formal consultations. More than 50 activities over a two-week period were set by UN Climate Change High-Level Champions. This included significant work on mobilizing funds as well as a number of major African-led efforts to reduce emissions and enhance climate resilience. The agreement to create a fund to compensate vulnerable nations facing irreparable damage from climate change has been welcomed in principle. This has been a long-standing demand of particularly vulnerable African and Small Island Developing States. However, the funding source, size and operational details of this financial facility have been handed over to a transitional committee, which will present its findings at COP28 next year.

Transition in Implementation Plan of Limiting Temperature

The Sharm el-Sheikh Implementation Plan is an advance on Glasgow in its more explicit commitment to pursue "efforts to limit temperature rise to 1.5 degrees centigrade". It even calculates the size of reductions needed by 2030 at 2019 levels—43%—using data from the IPCC's most recent 6th Assessment Report. India made a wise move to request that COP27 recognize the need for a gradual phase-out of all fossil fuels, but that request was denied. Instead of promoting an "unsustainable coal move" and renewable energy, we are committed to it. No progress has been made on the Glasgow commitment. The G-20 Declaration of Bali that preceded the climate summit was closely followed in the implementation plan.

Funding in Sharm el-Sheikh Agreement

                             The document on funding adopted in Sharm el-Sheikh acknowledges that the PR of industrialized countries to provide $100 billion annually from 2015 to 2025 to support developing countries' efforts to combat climate change has not been kept. It is estimated that an annual investment of at least US$4–6 trillion would be needed to convert the entire world to a low-carbon economy. These numbers, which apply to both industrialized and emerging countries, are of an unprecedented magnitude. The implementation plan establishes a pre-2030 estimate of $5.8–5.9 trillion for developing countries to enable them to meet their nationally defined obligations.

Challenges for Combating Climate Change

                                Even advocates for combating climate change, such as the European Union, have had to back down from pledges to move away from fossil fuels, especially coal. Even as the use of renewable and clean energy increases, the timing of fossil-based energy infrastructure. It is important to prevent retirement before. The process requires monitoring and precise timing. This implies that a rapid energy transition may not be possible even if the resource is available. Maybe the world has accepted this transition too little, too late. This requires more attention to optimization than ever before.

The Way Forward of COP-27

There is also significant potential for improving energy efficiency and therefore increasing energy security. This will also help in combating climate change on a global scale. India did well at COP27 in defending its interests and supporting the grouping of developing countries. It is in a good position to take advantage of its next G20 and Shanghai Cooperation Organization presidency to lead by example in combating climate change. Policy makers will face more urgent issues in 2023 than ever before. Finance and investors are increasingly realizing that a future powered by renewable energy is possible. Governments must recognize that the fossil fuel industry is entering its twilight years and that greenwashing must end if they are to capitalize on that future. We are unable to waste any more time.