Major outcomes
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- The COP27 has approved the creation of a “Loss and Damage” fund to assist nations vulnerable to climate-related losses. Additionally, a new five-year work program has been introduced to promote climate technology solutions in developing nations.
- In the field of mitigation, a work program aims to rapidly increase efforts to mitigate climate change. This program will run until 2030, featuring at least two global dialogues each year. Governments are urged to review and strengthen their 2030 climate targets within their national plans by the end of 2023, alongside accelerating efforts to reduce coal power and phase out inefficient fossil fuel subsidies.
- Delegates at COP27 have concluded the second technical dialogue of the inaugural global stocktake, a mechanism aimed at raising climate ambition as per the Paris Agreement. Before the stocktake’s completion at COP28 the following year, a ‘climate ambition summit’ will be convened in 2023 by the UN Secretary-General.
- The Sharm-El-Sheikh Adaptation Agenda outlines 30 Adaptation Outcomes to strengthen resilience for the 4 billion people living in the most climate-vulnerable communities by 2030.
- The Action on Water Adaptation and Resilience Initiative (AWARe) has been launched to address the significance of water in both climate change challenges and solutions.
- The African Carbon Market Initiative (ACMI) aims to support carbon credit production and job creation in Africa.
- The establishment of the Global Renewables Alliance brings together all the necessary technologies for the energy transition, aiming not only to achieve targets but also to position renewable energy as a pillar of sustainable development and economic growth.
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