COP27 reaches last-minute agreement
After two days of extra time, the 27th Conference of Parties (COP27) has been able to agree on a final declaration. Part of it includes a breakthrough in the "Loss and Damage" funding for the countries most affected by the climate crisis. A fund was created into which wealthy nations are to pay in the future. In the unfortunate event of climate catastrophes, such as droughts, floods or a sharp rise in sea levels, vulnerable countries will have access to the fundings to mitigate the consequences.
The goal of keeping global warming below 1.5°C on average compared to the pre-industrial era was also reaffirmed. This is considered a success, also due to the tense situation of the world.
A total of 45,000 participants attended UNFCCC’s conference to help solve one of the most pressing problems facing humanity. Once again, the importance of enabling stakeholders worldwide to engage in the fight against the climate crisis became clear. Thus, already in Sharm El-Sheikh, it was possible for governments, businesses and representatives of civil society to exchange and network on different approaches to action in the climate field.
More information on the results of the 27th World Climate Conference can be found here.