COP27 huddle continues: Draft decision text released, carrying India’s two points which were missed earlier | India News – Times of India


SHARM EL-SHEIKH: The draft decision text of the 27th session of the UN climate talks (COP27), released on Saturday, carried both of the key points of India in the mitigation clause which could not find place in Friday’s initial draft.
The first point is “phase down” of unabated coal power while the second one about the conditionality of the fossil fuel subsidies which relates to “providing targeted support to the poorest and most vulnerable”. Initial draft used “phase out” (instead of phase down) for coal and missed the targeted support point, resulting in facing objections from India.
India had got both these points inserted in the Glasgow Climate Pact (COP26) last year. These two will now continue to be in the final decision of the COP27.
The relevant clause on the mitigation (para 28 of the final draft decision) now calls upon countries “to accelerate the development, deployment and dissemination of technologies, and the adoption of policies, to transition towards low-emission energy systems, including by rapidly scaling up the deployment of clean power generation and energy efficiency measures, including accelerating efforts towards the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies, while providing targeted support to the poorest and most vulnerable in line with national circumstances and recognizing the need for support towards a just transition.”
However, reference to India’s stand on phasing down all fossil fuels continues to be missing in the draft decision.
The draft decision text will now be discussed in the plenary for final decision (outcome of the COP27) with consensus, involving 195 countries.
Final outcome of the COP27 is expected late Saturday night or early Sunday morning.
KEY POINTS OF THE DRAFT DECISION:

  • No fossil fuel phase down is listed in the text
  • Keep 1.5 degree Celsius goal alive
  • Require a transformation of the financial system
  • Urges counties to “significantly scale” adaptation finance. Since it misses the call to double financing, it’s weaker than Glasgow pact (COP26)
  • Requests countries who haven’t done so to update and strengthen their climate plans before COP28
  • Welcomes the new UN net zero rules for corporations to stop dodgy greenwashing

POINTS ON LOSS AND DAMAGE

  • The text addresses the basic demand -a fund as well as new ‘funding arrangements’
  • It seeks to link L&D with 1.5 degree Celsius warming limit (an indirect reference to mitigation)
  • The main body of the text begins with acknowledging assistance needed for “particularly vulnerable” developing countries but the decision on funding makes a more general reference to ‘developing countries’
  • There are multiple references to the use of existing funds
  • Seeks to expand sources of funding, including “innovative sources”
  • Pushes for financial reform discussions at IMF and World Bank next year





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