COP27: does it go far enough?

The Economist

20 Nov 202203:56

Summary

TLDRAt COP27 in Charnel Shake, Egypt, The Economist's environment editor Catherine Bayik reflects on the outcomes, highlighting a historic win for vulnerable countries with the acknowledgment of loss and damage due to climate change and the need for financial support from donor countries. A second win was the call for a rethink of the global financial system to address climate change. However, there was a significant loss in terms of implementation and ambition, as delegates expected more concrete actions on decarbonization and phasing out fossil fuels, which were not achieved, leaving much work for future climate talks.

Takeaways

🎪 The annual UN climate talks, known as COP27, concluded in Sharm El-Sheikh, Egypt.
🌍 Catherine Bayik, the environment editor for The Economist, provides her perspective on the outcomes of COP27.
🏆 A significant achievement was the formal recognition at a high political level of the issue of 'loss and damage' due to climate change.
💸 This acknowledgment includes the need for financial support from donor countries to the most vulnerable nations affected by climate change.
🔄 The issue of loss and damage has been a contentious point for 30 years, and its recognition at COP27 is a breakthrough for developing countries.
🌐 There was a consensus that addressing climate change requires a reevaluation of the global financial system.
🚫 A major disappointment was the lack of progress on increasing ambition for climate action, which was a key expectation for the conference.
🔥 The momentum from COP26 in Glasgow was expected to be built upon, but specific targets for reducing carbon dioxide emissions were not established.
🌿 There was no clear commitment in the text to phase down coal or phase out all fossil fuels, which was a loss for those seeking more decisive action.
📝 The failure to finalize certain aspects of the talks leaves much work to be done before the next COP in Dubai in November 2024.
🔍 For further reading on COP27 and climate-related topics, viewers are encouraged to follow the provided link.

Q & A

What is the annual event referred to as the 'circus of climate talks'?
-The annual event is the United Nations Framework Convention on Climate Change (UNFCCC) conference, also known as the Conference of the Parties (COP).
Who is Catherine Bayik in the context of the script?
-Catherine Bayik is the environment editor for The Economist, providing her take on the outcome of COP27.
What was the location of COP27 as mentioned in the script?
-COP27 took place in Sharm El-Sheikh, Egypt, not 'Charnel Shake' as it might be a typographical error in the transcript.
What were the two significant wins at COP27 according to the script?
-The two big wins were the first acknowledgment at a high political level that loss and damage from climate change requires financial support from donor countries to the most vulnerable ones, and the recognition of the need to rethink the global financial system to address climate change.
Why was the acknowledgment of loss and damage considered a win for poor countries?
-It was considered a win because the issue of loss and damage has been largely ignored for 30 years, and its recognition at a high political level with the requirement for financial flows signifies a breakthrough for poorer countries that are most affected by climate change.
What was the substantial loss felt by the delegates at the closing plenary of COP27?
-The substantial loss was the lack of progress on increasing ambition for climate action, particularly in terms of decarbonization and the implementation of commitments that were expected to build on the momentum from COP26 in Glasgow.
What expectations did the delegates have for COP27 that were not met according to the script?
-The delegates expected to see greater ambition on climate change action, including discussions about peaking carbon dioxide emissions and a clear commitment to phase out all fossil fuels, which did not materialize in the outcomes.
What was the sentiment expressed by the delegates regarding the implementation of the phase-down of coal?
-There was a clear sentiment of disappointment as the text did not include a clear follow-through on the phase-down of coal, which is essential for reducing greenhouse gas emissions.
What is the significance of the next eight years until 2030 in the context of climate change?
-The next eight years are crucial for limiting global warming, as it is a critical period to implement actions that can help achieve the goals of the Paris Agreement and prevent catastrophic climate change impacts.
What event is mentioned as a follow-up to COP27?
-The follow-up event mentioned is the COP28 summit, which is planned to take place in Dubai in November of the following year.
What does Catherine Bayik suggest readers do for more information on COP and climate-related topics?
-Catherine Bayik suggests readers click on the provided link to read more about COP and all things related to climate change.

Outlines

00:00

🌏 COP27 Outcomes: Wins and Losses

Catherine Bayik, the environment editor for The Economist, reflects on the conclusion of the UN Climate Conference (COP27) in Charnel Shake, Egypt. She describes it as an extraordinary night, unlike any of the seven conferences she has attended before. The conference ended with a significant acknowledgment of the issue of loss and damage, which requires financial support from donor countries to vulnerable nations affected by climate change. This marks a win for poor countries, as the issue had been largely dismissed for 30 years. Another win is the recognition of the need to rethink the global financial system to address climate change effectively. However, there was a substantial loss in terms of the implementation of climate action, as the delegates were seeking greater ambition and decarbonization goals that were not met. The momentum from Glasgow last year was not sustained, leaving much work to be done before the next conference in Dubai.

Mindmap

Keywords

💡Climate Talks

Climate Talks refer to international negotiations on climate change, aiming to address global warming and its impacts. In the video, the annual circus of UN Climate Talks symbolizes the recurring nature of these discussions, highlighting the ongoing efforts to tackle climate change on a global scale.

💡COP 27

COP stands for Conference of the Parties, and COP 27 is the 27th annual meeting of this conference. It is a significant event where countries come together to discuss and negotiate climate policies. The script mentions COP 27 as the setting for the discussion, emphasizing its importance in the global climate agenda.

💡Loss and Damage

Loss and Damage is a concept in climate policy that addresses the irreversible impacts of climate change, particularly on vulnerable countries. The script identifies the acknowledgment of loss and damage as a 'big win' at COP 27, signifying a breakthrough in recognizing the need for financial support from donor countries to those most affected.

💡Donor Countries

Donor countries are nations that provide financial or technical support to other countries, often those with fewer resources. In the context of the video, donor countries are expected to fund the most vulnerable countries to help them deal with the impacts of climate change, as part of the discussions at COP 27.

💡Global Financial System

The Global Financial System refers to the network of financial institutions, markets, and mechanisms that govern international monetary transactions. The script suggests that addressing climate change may require a rethink of this system, indicating the need for innovative financial solutions to support climate action.

💡Implementation

Implementation in the context of COP 27 refers to the practical application of agreements and commitments made during the conference. Delegates were looking for a push for greater ambition on climate action, expecting tangible steps to be taken, as mentioned in the script.

💡Decarbonization

Decarbonization is the process of reducing carbon emissions to combat climate change. The script expresses disappointment that there was no clear commitment to decarbonization in the outcomes of COP 27, indicating a perceived lack of progress in reducing greenhouse gas emissions.

💡Fossil Fuels

Fossil fuels are hydrocarbon sources such as coal, oil, and natural gas that are a major contributor to greenhouse gas emissions. The script mentions the absence of a clear commitment to phase out all fossil fuels, which is a critical aspect of addressing climate change.

💡Phase Down of Coal

The phase down of coal refers to the gradual reduction in the use of coal as an energy source due to its high carbon emissions. The script notes the lack of a clear follow-through on this issue at COP 27, which is a setback for efforts to reduce carbon emissions.

💡Momentum

Momentum in this context refers to the impetus or driving force behind climate action, generated from previous agreements and discussions. The script mentions the momentum generated in Glasgow as a reference point for the expectations set for COP 27.

💡Dubai Summit

The Dubai Summit refers to the next scheduled climate conference, which is expected to continue the discussions and negotiations on climate change. The script mentions this event as a future opportunity to address the unfinished business from COP 27.

Highlights

The annual UN climate talks, known as COP27, concluded in Sharm El-Sheikh, Egypt.

Catherine Bayik, the environment editor for The Economist, provides her take on the outcome.

It was an extraordinary night with talks running through the night to reach an agreement.

There was a significant divide among delegates on many issues.

The first win was the acknowledgment of loss and damage as a permanent issue requiring funding.

This acknowledgment is a victory for poorer countries affected by climate change.

Loss and damage has been a contentious issue since the early 1990s.

The second win is the recognition of the need to rethink the global financial system to address climate change.

There was a substantial loss in the sense of progress from Glasgow towards greater ambition on climate action.

Delegates were disappointed with the lack of clear targets and commitments to decarbonization.

The momentum from COP26 in Glasgow was not effectively built upon at COP27.

There was no clear follow-through on phasing down coal or committing to phase out all fossil fuels.

The failure to finalize certain aspects leaves much work to be done before next year's COP.

The next COP will be in Dubai in November of the following year.

For more on COP and climate-related topics, a link is provided for further reading.