COP27: the 5 main advances pending a final agreement

COP27: the 5 main advances pending a final agreement

Posted Nov 19, 2022, 10:00 AM

The countdown has started at COP27. While the negotiations are progressing with difficulty as the end of the summit approaches, a few strong announcements have already marked this high mass on the climate.

1. Prohibition of seabed mining

“France supports the prohibition of any exploitation of the deep seabed. I assume this position and will take it to international forums,” Emmanuel Macron announced at the COP27 podium shortly after the opening of the meeting. After the surprise, the announcement delighted many environmental NGOs, including the French Bloom, which is particularly committed to the subject. Its founder Claire Nouvian, winner of the Goldman environmental prize in 2018, was also quick to express herself on the social network Linkedin: “So we won. Definitively. It is enormous. This is the strength of citizen mobilization”. The French branch of Greenpeace also welcomed this announcement.

The Head of State’s announcement is a reversal of France’s initial position on the subject of mining in the oceans. There remains, however, a long diplomatic path for it to become an international rule.

2. Launch of a “financial shield” against climate risks

Launched by the German presidency of the G7 and some sixty countries vulnerable to climate change, this fund can be quickly mobilized for various needs such as the reconstruction of infrastructure, aid for businesses or agricultural losses. France is one of the leading donors.

It is currently topped up to 210 million euros. Thus, 170 million euros come from Germany, 60 million from France (over three years), 10 million euros from Ireland, nearly 5 million euros from Denmark and 7 million dollars from Canada .

The first beneficiary states will be Bangladesh, Costa Rica, the Fiji Islands, Ghana, the Philippines, Senegal and Pakistan. The latter experienced unprecedented and devastating floods between June and August, with a toll of around 1,700 dead and 7.9 million displaced.

3. The G20 commits to limiting global warming to 1.5°C

Since the G20 summit in Bali, the world’s twenty largest economies, responsible for 75% of greenhouse gas emissions, have promised to continue their efforts to limit global warming to 1.5°C, a major objective of the Paris agreement.

“An ambitious G20 sets the tone for a COP, it’s rare and it’s a very positive sign,” reacted Laurence Tubiana, who heads the European Climate Foundation. “Reaffirming the 1.5°C target, recognizing our dependence on fossil fuels and promoting peace: Bali sends a clear signal to those of Sharm”, judged the one who was one of the main architects of the agreement of Paris.

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