Some of the key outcomes of the Cop27 climate summit, held in Sharm el-Sheikh in Egypt in November 2022, include:
Loss and damage: Agreement was reached on a fund to provide financial assistance to developing countries affected by extreme weather to rebuild their physical and social infrastructure. However, there is still no agreement on how to finance the fund and where the money will come from.
1.5C: The commitment to the 1.5C temperature goal was reaffirmed, although a resolution to cause emissions to peak by 2025 was removed from the final text.
Gas: The final text of Cop27 contained a provision to boost "low-emissions energy," which could include gas. Many countries, particularly those from Africa with large gas reserves, came to the summit hoping to strike lucrative gas deals.
Fossil fuels: Some countries wanted to include a commitment to phase down all fossil fuels in the final text, but this was not agreed upon. The resolution on fossil fuels was the same as that agreed upon at Cop26 in Glasgow.
World Bank reform: Calls were made for urgent changes to the World Bank and other publicly funded finance institutions to provide more funding to help poor countries cut their greenhouse gas emissions and adapt to the impacts of climate change.
Adaptation: The commitment to increase funding for adaptation measures was reaffirmed, with rich countries agreeing to double the proportion of funding that goes to adaptation from the $100 billion promised from 2020.
Tipping points, the IPCC, and health: A reference was included in the final text to the key finding of "tipping points" from the Intergovernmental Panel on Climate Change's latest assessment of climate science, warning of catastrophic impacts that can only be averted by sharp and urgent cuts in greenhouse gas emissions. The text also included a reference to "the right to a clean healthy and sustainable environment."
