What happened at COP27 in Sharm El Shiekh, Egypt?

What happened at COP27 in Sharm El Shiekh, Egypt?

November 2022, Sharm Elshiekh of Egypt hosted the world's largest climate summit. The 27th edition of the concurrence of the parties (COP27) made history as this year for the first time a special fund was announced for “Loss and Damage” which will enable poor countries to receive compensation for damage caused by climate change.  

The CEBC team was able to cover the whole event through our different platforms. Below is the news summary from each of the conference's days.  

Day1:  

  • Over a thousand young people from more than 140 countries closed out the three-day Climate Change Conference of Youth (COY17) just days before the official opening of the United Nations Climate Change Conference (COP27) in Sharm El-Sheikh, Egypt : https://lnkd.in/eZ8sH5cm.
  • United Nations climate talks began in Egypt with a deal to discuss how rich countries can help pay for the damages caused by global warming elsewhere. Egypt’s Foreign Minister Sameh Shoukry said the breakthrough was reached after 48 hours of intense talks concluded with a compromise; the discussion would focus on “cooperation and facilitation” not “liability or compensation: https://lnkd.in/e84NVzNH

Day2 '’Finance Day”:

  • The UAE is considered a responsible supplier of energy, and it will continue playing this role for as long as the world is in need of oil and gas: https://lnkd.in/dcBNkw3d
  • “United Nations Secretary-General António G. on Monday said the world is on a “highway to climate hell with our foot still on the accelerator” in opening remarks at the COP27 climate change summit in Sharm el-Sheik, Egypt. Guterres warned the clock was ticking in the fight to stop the most disastrous effects of climate change and that the world is “losing” as greenhouse gas emissions and global temperatures continue to rise: https://lnkd.in/eSCYMRYF
  • President Sheikh Mohamed and Egyptian leader Abdel Fattah El Sisi witnessed the signing of an agreement between Masdar (Abu Dhabi Future Energy Company), Egypt's Infinity Power, and Hassan Allam Utilities to develop a 10-gigawatt onshore wind project: https://lnkd.in/eshSsCWt

Day3 ‘’Science, Youth & Future Generations Day” :  

  • Global securities regulators proposed closer scrutiny of carbon trading on Wednesday to deepen liquidity and prevent greenwashing in markets used by companies to offset their emissions to drive the transition to a net-zero economy. The International Organization of Securities Commissions (IOSCO), which groups securities regulators from across the world, made recommendations to improve 'compliance' carbon markets and asked whether regulators should be more involved in 'voluntary' carbon markets: https://lnkd.in/dWNXcdTg

Day4 ‘’Decarbonization Day ” :  

Day5 “Adaptation & Agriculture Day”:  

  • China said it would be willing to contribute to a facility that compensates poorer countries for loss and damage caused by the effects of climate change: https://lnkd.in/eQ-bXgYp
  • Members of the Arab Co-ordination Group (AGC) have promised to provide at least $24 billion in financing by 2030 to address the global climate crisis, the group said in a statement on Wednesday: https://lnkd.in/eg3Jqiii
  • Debt-for-climate swaps are a key way of helping developing nations, including some in the Middle East, to finance measures to cope with climate change, delegates at Cop27 were told on Wednesday.: https://lnkd.in/e4ziwQ8Z

Day6:  

  • Global carbon dioxide emissions from burning fossil fuels are on track to rise around 1% this year, scientists said on Friday, warning this would make it harder for the world to avoid disastrous levels of climate change: https://lnkd.in/edKwqasV

Day7  ”Gender and Water day”:

  • Our common objective is to adopt consensus decisions and conclusions that will constitute comprehensive, ambitious and balanced outcomes of the Sharm el-Sheikh conference: https://lnkd.in/e28sJ7tX 
     
  • Pakistan, Ghana and Bangladesh will be among the first recipients of funding from a G7 'Global Shield' initiative to provide funding to countries suffering climate disasters.:https://lnkd.in/eMDpngU9
  • The world's three largest rainforest nations Brazil, the Democratic Republic of Congo, and Indonesia on Monday formally launched a partnership to cooperate on forest preservation after a decade of on-off talks on a trilateral alliance.:https://lnkd.in/eay3aUWP
  • Indonesia, the Asian Development Bank and a private power firm. they are teaming up to refinance and prematurely retire a coal-fired power plant, the first such project under a groundbreaking carbon emissions reduction program:https://lnkd.in/eeGUg-r3
  • Egypt launched the African Women's Climate Adaptive Priorities (AWCAP) initiative. AWCAP aims to increase opportunities for women in the just transition to a green economy, as well as to promote gender-sensitive perspectives in adaptation and mitigation, while also promoting educational and behavioral change on women and climate change.:https://lnkd.in/eVGyR9aq

Day8 “Energy, Ace & Civil Society Day”:  

Day9 “Biodiversity Day”:  

Day10 “Solutions Day”:  

Day11:

Sunday 20th of November 2022

  • To compensate the nations that are most affected by climatic calamities but have made minimal contributions to the climate issue, developing countries have made strong and repeated pleas for the creation of a loss and damage fund. https://news.un.org/en/story/2022/11/1130832
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