COP27 of the United Nations Climate Change Conference came to a historic conclusion today with a decision to compensate “loss and damage” for vulnerable nations who have been severely affected by climate disasters.
In the face of a challenging geopolitical environment, countries delivered a package of resolutions that reaffirmed their commitment to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels. The package also boosted the financial, technological, and capacity-building assistance that developing nations need to reduce their emissions of greenhouse gases and adapt to the inevitable effects of climate change.
COP27 saw significant progress on adaptation, with states agreeing on how to go forward on the Global Goal on Adaptation. A significant step forward was the establishment of a dedicated loss and damage fund, which was first approved during COP27 and was added to the formal agenda. To the Adaptation Fund, fresh contributions worth more than USD 230 million were made. More than 45,000 people attended COP27 to exchange concepts, find solutions, and create alliances. Six high-level roundtable conversations were held during the World Leaders Summit, which took place over the course of two days during the first week of the conference.
Indigenous peoples, local communities, cities, and civil society, especially youth and children, demonstrated their efforts to combat climate change. Over 50 events were scheduled over a two-week period by the UN Climate Change High-Level Champions at COP27. Governments, corporations, and civil society had a forum to work together and present their practical climate solutions through the Global Climate Action space. Through the first-ever youth-led Climate Forum and the pioneering children and youth pavilion, young people made their opinions heard. The fact that the world is in a crucial decade for climate action was emphasised to the delegates.
