CDKN's CEO, Dr Shehnaaz Moosa, reacts to the outcomes of COP27, which concluded on 20 November in Sharm El-Sheikh, Egypt. Dr Moosa said:

“There are three big stories at this COP: the decision on establishing funding arrangements for loss and damage, the failure of high-emitting countries to cut emissions sufficiently as yet, and the hopes of young people".

We are happy to see that COP27 has directed the creation of new funding arrangements for loss and damage, to help those deeply climate-affected countries that are already suffering damages to recover, and to do so more resiliently. This important move acknowledges the extent of current losses and damages, and once operational and capitalised, the fund could give such countries a greater chance of progress toward sustainable development. It is important this capitalisation occurs as soon as the fund is established.

Meanwhile, it is imperative for mitigation and adaptation actions to accelerate, backed by inclusive processes and sufficient finance.

We know countries' collective pledges to cut, avoid and lock up greenhouse gases are still far from adequate and add up to well over 2ºC degrees of warming. This will be a disaster for people and planet. The UNFCCC found that countries’ existing climate plans – even if fully funded and implemented – will only reduce emissions by 3% (from 2019 levels). Emissions would need to fall by around 43% to hold to a 1.5ºC world. More urgent and transformational climate action is desperately needed. 

Adaptation is deeply insufficient even though low and middle income countries have prepared National Adaptation Plans. They are suffering avoidable climate-related losses and damages because they cannot finance their plans.

The gap between the finance needed and that which has been provided is stark: the COP acknowledges that US$ 4-6 trillion per year of global investment is needed to put the world on low-carbon pathways; still the US$ 100 billion per year target (of finance from high-income to low- and middle-income countries) has not been realised.

We see several commitments in the Sharm El-Sheikh Implementation Plan that could contribute to the transformations needed. One is the call to profoundly reform the multilateral development banks. The second is the call to phase down unabated coal power and phase out inefficient fossil fuel subsidies. Governments and international agencies must accelerate these reforms, without delay.

As CDKN, we are also deeply concerned that reforms to limit global warming are founded on gender equality and social inclusion. We have seen before how ill-conceived and poorly-consulted processes have harmed the more vulnerable in society. It is imperative that ‘just transitions’ processes include the meaningful representation of all affected groups, including women, young people, people living with disabilities and disadvantaged ethic groups and Indigenous people.

Among the greatest glimmers of hope at this – often difficult – conference came from the young people’s strong participation, en masse. For the first time, there was an official youth-led climate dialogue and a youth and children’s pavilion. The outcome, too, is stronger than any previous COP statement on the inclusion of children and young people in deliberations about their future. The Paris Agreement talks about the importance of intergenerational equity. Now, the COP27 decision urges governments to take meaningful steps to make this happen, such as including young people in national delegations. We hope to see these aspirations realised, for the sake of future generations.”

Please also read: CDKN's Mairi Dupar and Lisa McNamara on 'COP27 changes climate finance architecture'.