The European Commission at the recent UN-led COP27 climate conference in Egypt agreed on a compromise whose goal is to maintain the Paris Agreement and protect those most vulnerable to climate change, according to a statement released on Monday
MOSCOW (Pakistan Point News / Sputnik - 21st November, 2022) The European Commission at the recent UN-led COP27 climate conference in Egypt agreed on a compromise whose goal is to maintain the Paris Agreement and protect those most vulnerable to climate change, according to a statement released on Monday.
Under the 2015 Paris Agreement, countries agreed to contribute to keeping the average global temperature rise below 2 degrees Celsius and as close as possible to 1.5 degrees Celsius above pre-industrial level by the end of the century. In addition, the EU, the United States and Japan pledged to achieve carbon neutrality by 2050, Russia and China by 2060 and India by 2070.
"After a difficult week of negotiations, a strong and united European effort helped secure a hard-fought deal to keep the targets of the Paris Agreement alive. The EU's bridge-building also helped to put in place balanced new funding arrangements, with an expanded donor base, to help vulnerable communities to face loss and damage caused by climate change," the statement read.
On mitigation, the parties agreed that limiting global warming to 1.5 degrees Celsius requires deep and sustained reductions in global greenhouse gas emissions, reducing them by 43% by 2030 compared to 2019 levels. In addition, they reiterated the Glasgow Climate Pact's call for nationally determined contributions (NDCs) to be updated as needed by the end of 2023 in line with the Paris Agreement's temperature objective.
With regard to loss and damage, the parties decided to establish new financing mechanisms to assist developing countries that are particularly vulnerable to the adverse effects of climate change. This includes a new fund focusing on dealing with loss and damage, to be established by a transition committee, which will also consider expanding funding sources, the statement added.
COP27 took place in the Egyptian resort city of Sharm El-Sheikh from November 6-20. It was scheduled to end two days earlier, but the participants took longer than expected to agree on creating a fund that would provide compensation for damage caused by climate change to the poorest countries. European Commission President Ursula von der Leyen said she expected more from the conference, especially in terms of new commitments to reduce fossil fuel consumption and additional efforts to mitigate climate change.
