Entering COP27, the global south had hoped that hosting the event in Africa would raise both awareness and support for funding to help developing countries deal with the devastating effects of drought, floods, and devastating storms, known as “loss and damage” funding. Fulfillment of that hope did not seem promising. However, after almost 48 hours of continuous negotiations, COP27 wrapped up early Sunday morning with a U.N. agreement for loss and damage funding. Pakistani climate minister Sherry Rehman hailed the fund as responding “to the voices of the vulnerable.”
While celebrating this accomplishment, U.N. Secretary-General António Guterres warned that “"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."
For the first time, a COP agreement discussed renewable energy. And the COP27 agreement repeated previous challenges to speed efforts towards the phase-down of coal-source energy and to phase-out of inefficient fossil fuel subsidies.
Here is a link to the “advance unedited version” of the Sharm el-Sheikh Implementation Plan.