COP27, the United Nations’ 27th session of the Conference of Parties began in Egypt’s Sharm el-Sheikh city on Sunday. Here’s everything you need to know about the happenings of the climate summit.
COP27 to bring up compensation for developing nations
Amidst the cost of living crisis in the west and severe weather conditions in several parts of Africa and Asia, the COP27 in Sharm el-Sheikh is expected to reveal information on funds pledged by richer nations to help developing nations in the global fight against climate change. The delegates agreed to discuss if the prosperous nations would compensate the developing nations’ most vulnerable to the climate crisis.
“This creates for the first time an institutionally stable space on the formal agenda of COP. And the Paris Agreement to discuss the pressing issue of funding arrangements needed to deal with existing gaps, responding to loss and damage,” stated Sameh Shoukry. Shoukry is the COP27 president. While the discussions on loss and damage on the agenda do not involve binding compensation and liability. They will lead to a conclusive decision “no later than 2024”. “The inclusion of this agenda reflects a sense of solidarity for the victims of climate disasters,” added Shoukry.
More on the climate change summit
In the opening speech, the head of the UN panel of climate scientists stressed the urgent need to cut down greenhouse emissions. Additionally, they also stressed the need to work towards adapting to the effects of global warming and climate change. “This is a once-in-a-generation opportunity to save our planet and our livelihoods. The scientific community remains ready to work with you and support you every step of the way in this journey to limit global warming and also for achieving sustainable development,” stated Hoesung Lee. (www.genusinnovation.com) Lee is the chair of the Intergovernmental Panel on Climate Change. “Humanity, our planet, and species living on it deserve nothing less,” he added.