European leaders stand strong behind climate commitments
Sharm El-Sheikh Adaptation Agenda revealed
Spending falls well short of $100bn by 2020 target
European leaders say war in Ukraine is a reason to act on climate commitments, not to renege
The UK Prime Minister, Rishi Sunak stressed that “climate and energy security go hand-in-hand,” while French President Macron said: “we will not sacrifice our climate commitments under the energy threat from Russia and therefore all the commitments held by nations must be upheld.” (BBC)
This is reassuring rhetoric for the climate community as UN Secretary General, Antonio Guterres warned the world that “we are on the highway to climate hell with our foot on the accelerator.”
COP27 Presidency announces Sharm El-Sheikh Adaptation Agenda – a 30 point plan to enhance resilience for 4bn people
The 30 Adaptation Outcomes, agreed by the UNFCCC high-level champions and Marrakech Partnership of non-state actors, aim to enhance resilience for 4bn people living in the most vulnerable communities by 2030.
This is the first time state and non-state actors have rallied together behind a plan of action, according to the UNFCCC, with the agenda covering five impact systems; food and agriculture, water and nature, coastal and oceans, human settlements, and infrastructure, and including enabling solutions for planning and finance.Read more
USA, Canada and Australia fall well short of fair contribution to $100bn per year target
The analysis, byCarbon Brief, outlines that many of the wealthiest nations are contributing less than their share of historical emissions to the $100bn by 2020 target set at COP15 in 2009, with the USA contributing just 19%. Those nations most in ‘surplus’ were found to favour loans, rather than grants.
Already this is the conference of eye-watering figures, added to by a new report estimating that developing countries will need “$2 trillion a year in climate funding by 2030,” (The Guardian) co-authored by Nicholas Stern, who’s famous report in 2006 first placed a price on climate inaction.
With such large gaps in investment, the hope is that tomorrow’sFinance Daycovers how best governments can facilitate investment from the private sector.
All the latest from COP27
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