COP27 - A Summit to Remember?

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Early Sunday morning, the COP27 summit rolled to a close after extensive negotiations had run into the night. Developed nations agreed to fund “loss and damage” payments for developing countries worst hit by climate change, which was a huge concession for wealthier countries to make. Yet, restrictions on fossil fuels were off the table, and the 1.5°C limit of global heating is barely holding on in the new deal. The 1.5°C target was put in place following the COP21 summit in Paris and was seen as the biggest leap of progress ever made by world leaders on the issue of climate change. 

The summit was held in Sharm el-Sheikh, Egypt, an oil-producing state. It is reported that 600 oil lobbyists were present at the conference, which is just short of the number of representatives from nations seeking the “loss and damage” payments.

COP stands for the “Conference of the Parties”- an event that the UN organises annually- in which the “parties” discuss present climate change concerns. COP27 was the 27th annual summit and in 2023, the UAE will host COP28 in Dubai. The UAE is also an oil-dependent state, reportedly producing around 3.2 million barrels of petroleum and liquids per day. Along with other oil-dependent states, including Russia and China, representatives from the UAE heavily blocked any restrictions against fossil fuels at the summit, leaving the agreement with little control over the future of the industry.  

Concerns have already begun regarding the next COP summit, with many arguing for the 1.5°C limit to be reaffirmed immediately. Climate experts warn that although a global temperature rise above 1.5°C is still manageable, it will bring with it further damaging and potentially irreversible effects to our environment. With fossil fuels being the biggest cause of rising global temperatures, pressure will be on the UAE to balance its preferences for an oil-dependent world and the interests of the planet’s durability. 

The all-important “loss and damages” fund will supply developing nations, suffering the harshest effects of the climate crisis, with the means to protect their citizens and industry via payments from developed nations, who are the cause of current environmental catastrophe. The push came after the fatal floods witnessed earlier this year in Pakistan, where farmland and livestock were wiped from the ground, at least twenty million people required humanitarian aid and almost two thousand people were killed. Pakistan, like many non-industrial, developing countries, produces less than 1% of global greenhouse gas emissions. Members of the Pakistani negotiating team, along with China and G77, framed the issue as “climate justice” rather than foreign aid, which was judged by many as an almost certain failure. The US and EU were most opposed to the idea of “loss and damage” payments, due to fears of increased liability, however, were eventually worn down. 

 The success of the loss and damages campaign is unfortunately not enough to crown COP27 a triumph. With no real constraints on the fossil fuel industry, and petrostates seemingly stronger than ever, it is unlikely global temperatures will decrease. COP28 could be the unexpected hero for environmentalists, but may already be too late.