COP27: UN Chief Says Summit Fails To Deliver Plan To ‘Drastically Reduce Emissions’, Know Key Points Of Draft Decision

COP27: UN Chief Says Summit Fails To Deliver Plan To ‘Drastically Reduce Emissions’, Know Key Points Of Draft Decision

New Delhi: United Nations Secretary-General Antonio Guterres on Sunday said that the COP27 climate negotiations had failed to advocate for the urgent “drastic” carbon-cutting necessary to combat global warming.

“Our planet is still in the emergency room. We need to drastically reduce emissions now and this is an issue this COP did not address,” Guterres said.

The UN climate agency published an updated draft of a proposed final agreement for the COP27 summit on Saturday which carried both the key points suggested by India in the mitigation clause that were not mentioned in Friday’s initial draft. 

Talks on the overall agreement were put on hold because of a dispute over emission reduction efforts. The delegates at the summit are given time to read what they are going to vote on besides the compensation fund they approve of, as reported by The Hindu.

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India’s first suggestion is the “phasedown” of unabated coal power while the second one is about the conditionality of the fossil fuel subsidies which relates to “providing targeted support to the poorest and most vulnerable.” The initial draft missed both points resulting in facing objections from India.

The relevant clause on the mitigation (paragraph 28 of the final draft decision) now calls upon countries “to accelerate the development, deployment and dissemination of technologies, and the adoption of policies, to transition towards low-emission energy systems, including by rapidly scaling up the deployment of clean power generation and energy efficiency measures, including accelerating efforts towards the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies, while providing targeted support to the poorest and most vulnerable in line with national circumstances and recognizing the need for support towards a just transition.”

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However, India’s stand on phasing down all fossil fuels has not found a place in the draft decision.

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Key points of the draft:

The phasedown of fossil fuels is not listed in the draft The statement only refers to a phasedown of coal, as agreed at last year’s summit Keeps 1.5 degree Celsius goal alive Requires a transformation of the financial system Urges countries to significantly scale adaptation finance since it missed the call for double financing during COP27 in Glasgow. Requests countries to update and strengthen their climate plans before COP28 if they haven’t already. Welcomes the net zero rule by the UN for corporations to stop greenwashing. Loss and Damage

Creation of a special fund to cover the losses suffered by vulnerable nations hit by the impact of global warming Seeks to link “loss and damage” with 1.5-degree Celcius global warming limit Though the text begins with acknowledging assistance needed for the “particularly vulnerable” developing countries, the decision on funding makes a more general reference to the “developing countries” Pushes for financial reform discussions at the International Monetary Fund and World Bank next year.