Here's what you wanted : a summary of what was decided regarding the main themes of COP 27! This summary is intended for those who want a quick overview of the results and a general view of COP 27. The information below is descriptive and does not include specific analyses or reflections.

It's also worth noting that this information is very brief. If you'd like to know more, please wait a moment as we are preparing a more detailed publication, in both Portuguese and English!

If you cite this material, please remember to include the reference: “LACLIMA, 2022. Summary of the decisions of COP 27. São Paulo, Brazil”.

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LACLIMA Team

Mitigation

• It reiterated the decision to seek to limit the increase in global temperature to 1.5°C as foreseen in Glasgow, and urged member countries that have not yet revised and strengthened their 2030 NDCs in order to align them with the Paris Agreement to do so by the end of 2023.

• It defined the premises and deadlines of the new Mitigation Work Programme (MWP), which seeks to accelerate mitigation ambitions by 2030, going beyond the NDCs already presented.

• It was decided that the MWP will cover all sectors and thematic areas foreseen in the IPCC's 2006 guidelines for inventory preparation and in the IPCC's Sixth Assessment Report.

• It was decided that the MWP will be a program for the exchange of ideas between countries and will not result in new targets beyond those foreseen in the Paris Agreement.

• It was decided that the MWP will begin to be implemented immediately after COP 28 and will be reviewed at COP 31.

  
  

Losses and Damages

• It established new financing arrangements to help developing countries cope with climate-related losses and damages, including creating a specific fund for this purpose.

• He created a transition committee to operationalize these financial arrangements and the creation of the fund, and to make recommendations to be adopted at COP 28.

• It defined the premises and governance of the Santiago Network, a platform to connect the availability of international technical assistance to help vulnerable countries avoid, minimize, or cope with climate-related losses and damages.

• It was determined that the Santiago Network will have a structure that includes a Secretariat, an Advisory Council, and a network of member organizations, experts, and bodies.

  
  

Financing

• Regarding the “New Quantified Collective Target” for climate finance by developed countries after 2025, it was determined that a work plan for 2023 should be presented by March and workshops should be held, including with the participation of finance ministers, multilateral banks, civil society, youth, and technical experts, among others. Deliberations to establish the New Target should be concluded by COP 29.

• He called on multilateral banks and financial institutions to increase volume, simplify access, and create innovative vehicles to promote climate finance.

• The Sharm el-Sheikh Dialogue was launched, a series of two workshops to promote exchanges and improve understanding of the Paris Agreement's objective of keeping financial flows aligned with a decarbonization trajectory (Article 2, paragraph 1c). A report on this dialogue will be prepared for presentation at COP 28.

  
  

Adaptation

• It began developing a framework to define the Global Adaptation Target, to be adopted at COP 28.

• It was decided that the framework's objective is to guide the achievement of a Global Adaptation Target and the monitoring of progress towards achieving this target, with a preventive approach to reducing climate impacts, risks, and vulnerabilities.

• It was decided that the framework will contain, at a minimum, information on the dimensions (considering each stage of the adaptation cycle), themes (water, cities, food and agriculture, etc.), cross-cutting issues (human rights, gender, nature-based solutions), and sources of information (IPCC reports, stakeholder inputs, etc.).

• It was decided that these elements will also be considered to assess adaptation progress during the First Global Assessment of the effectiveness of the Paris Agreement, which will be completed in 2023.

  
  

Carbon markets

• It adopted initial guidelines on procedures for countries to begin reporting their Interoperability Transaction Trading Agreements (ITMOs); on the operation and interoperability of carbon registries that will deposit ITMO units; and on the procedure for reviewing the information provided.

• It adopted initial guidelines on the project authorization process under the Article 6.4 mechanism and on the flows and procedures for generating carbon credits.

• It determined that the Article 6.4 Supervisory Body should develop a package of recommendations to provide guidance for the development of methodologies for GHG reduction and removal activities.

• Regarding the "Non-Market Approaches" work program – which deals with forms of cooperation between countries to promote climate mitigation and adaptation without carbon credit exchanges – it was decided that workshops will be held so that countries can discuss the supply and demand for support, and an online platform will be created so that participants can register information about these initiatives and the cooperation agreements signed.

  
  

Energy transition

• He stressed that the global geopolitical situation and its impacts on the economy and on energy and food security, as well as the challenges associated with post-COVID economic recovery, cannot be used as a pretext for setbacks in climate action.

• On the other hand, it also reinforced the importance of diversifying the mix of energy sources and systems in view of national circumstances and the need for a just transition, based on "a mix of clean energies, including renewable and low-emission energy sources".

• It called on member countries to accelerate technologies for the transition to low-emission energy systems, including efforts to gradually reduce the share of coal and eliminate "inefficient" subsidies for fossil fuels, reiterating the same decision from Glasgow.

  
  

Forests and Agriculture

• It reinforced the importance of results-based payment mechanisms for reducing GHG emissions caused by deforestation and forest degradation as foreseen in Article 5.2 of the Paris Agreement, and encouraged member countries to consider nature-based solutions in their mitigation and adaptation actions.

• It established the “Sharm el-Sheikh Joint Work on Climate Action in Agriculture and Food Security,” a 4-year program that will, among other things, implement the agenda of the “Koronivia Joint Work,” based on a holistic approach that considers agriculture, food security and the multiple benefits associated with adaptation and mitigation, and local and traditional indigenous knowledge, among others.

  
  

Climate justice

• He acknowledged that countries, when adopting climate action, must respect, promote and consider the “right to a clean, sound and healthy environment”.

• It established a Just Transition Work Programme to discuss ways to achieve the objectives of the Paris Agreement through a just and equitable transition, considering energy, socioeconomic and workforce dimensions, among others, and to make recommendations to be presented at COP 28.

• It adopted improvements to the Gender Action Plan, emphasizing the participation of young women, indigenous women, and women from local communities.

• It called on the parties to consider balancing gender representation in the composition of delegations and session chairs, and on public and private entities to consider representation in the context of climate finance. It instructed the UNFCCC Secretariat to support the participation of female national focal points in UNFCCC meetings.