The BIC notes that, with two days of delay, the final text of the COP27, the Sharm el-Sheikh Implementation Plan, was agreed by all Parties on the 20th of November 2022. Among significant outcomes, the agreement reaffirms commitments towards achieving the target +1.5°C set by the Paris Agreements in 2015. However, this key pillar of global climate action was worryingly put into question during the negotiations.
The BIC’s Climate Security Analyst, Clémentine Lienard, said:
“Following two weeks of fierce discussions, the text adopted key advances on funds for loss and damage, which was one of the major points fueling dissension. Terms and modalities of these specific funds are yet to be determined and have been delayed to the COP28 next year. With the agreed arrangement on loss and damage fundings, the COP ends on an unexpected and considerable political achievement, but one which should not overshadow inconstancies on other axis of climate action. Indeed, COP27 did not call firmly for a progressive reduction of all types of fossil fuel emissions, but on coal use only. The absence of this specific terminology from the final agreement is a symbolic reminder that oil and gas will continue to be strong players in national and international political and economic games for the foreseeable future.”