COP27 strikes compensation deal but dismays on carbon cutting progress

22nd November 2022

COP27 has agreed a landmark financial deal on loss and damage to developing nations from climate change, but failed to make a clear commitment to end fossil fuel development.

Under the deal, major nations will contribute to a “loss and damage” fund to help poor countries afflicted by climate disasters, expected to open next year – but there was widespread dismay at the summit’s failure to agree cuts to carbon emissions.

The summit’s final text calls on countries to “accelerate” the development, deployment and dissemination of technologies, as well as adopt policies to transition towards low-emission energy systems such as clean power generation and energy efficiency. However, it also calls for “accelerating efforts towards the phase-down of unabated coal power and phase-out of inefficient fossil fuel subsidies”. Commentators have described this as weakened language that allows loopholes for new fossil fuel schemes.

“Our planet is still in the emergency room,” said UN secretary general António Guterres. “We need to drastically reduce emissions now – and this is an issue this COP did not address.”

Mary Robinson, a past president of Ireland and chair of the Elders Group of former world leaders, said the world “remains on the brink of climate catastrophe” and progress on cutting emissions “has been too slow”.

COP26 president Alok Sharma said that keeping the 1.5°C limit “remains on life support”, expressing dismay that key measures – including emissions peaking before 2025, a clear follow-through on the phase-down of coal, and a clear commitment to phasing out all fossil fuels – were all absent from the summit’s final text.

IEMA chief executive Sarah Mukherjee noted that there had been important developments at COP27, including the loss and damage fund and new commitments on emissions reductions and renewable energy. “However, much more needs to be done to support the Global South in adapting to the worst impacts of climate change, and to deliver the green skills and jobs necessary for a sustainable and low-carbon economy,” she added.

Image credit | Shutterstock


Subscribe to IEMA's newsletters to receive timely articles, expert opinions, event announcements, and much more, directly in your inbox.

Transform articles

A social conscience

With a Taskforce on Inequality and Social-related Financial Disclosures in the pipeline, Beth Knight talks to Chris Seekings about increased recognition of social sustainability

6th June 2024

Read more

Disinformation about the impossibility of averting the climate crisis is part of an alarming turn in denialist tactics, writes David Burrows

6th June 2024

Read more

While biodiversity net gain is now making inroads, marine net gain is still in its infancy. Ed Walker explores the balance between enabling development and safeguarding our marine environment

6th June 2024

Read more

David Symons, FIEMA, director of sustainability at WSP, and IEMA’s Lesley Wilson, tell Chris Seekings why a growing number of organisations are turning to nature-based solutions to meet their climate goals

6th June 2024

Read more

Sarah Spencer on the clear case for stronger partnerships between farmers and renewable energy developers

6th June 2024

Read more

Groundbreaking legislation on air and noise pollution and measures to tackle growing concerns over disposable vapes provide the focus for Neil Howe’s environmental legislation update

6th June 2024

Read more

A system-level review is needed to deliver a large-scale programme of retrofit for existing buildings. Failure to do so will risk missing net-zero targets, argues Amanda Williams

31st May 2024

Read more

Media enquires

Looking for an expert to speak at an event or comment on an item in the news?

Find an expert

IEMA Cookie Notice

Clicking the ‘Accept all’ button means you are accepting analytics and third-party cookies. Our website uses necessary cookies which are required in order to make our website work. In addition to these, we use analytics and third-party cookies to optimise site functionality and give you the best possible experience. To control which cookies are set, click ‘Settings’. To learn more about cookies, how we use them on our website and how to change your cookie settings please view our cookie policy.

Manage cookie settings

Our use of cookies

You can learn more detailed information in our cookie policy.

Some cookies are essential, but non-essential cookies help us to improve the experience on our site by providing insights into how the site is being used. To maintain privacy management, this relies on cookie identifiers. Resetting or deleting your browser cookies will reset these preferences.

Essential cookies

These are cookies that are required for the operation of our website. They include, for example, cookies that enable you to log into secure areas of our website.

Analytics cookies

These cookies allow us to recognise and count the number of visitors to our website and to see how visitors move around our website when they are using it. This helps us to improve the way our website works.

Advertising cookies

These cookies allow us to tailor advertising to you based on your interests. If you do not accept these cookies, you will still see adverts, but these will be more generic.

Save and close