Page 5 - GLNG Week 47 2022

GLNG COMMENTARY GLNG

the adverse effect of climate change that have flowing from the developed world to developing
already happened, such as floods, droughts, poor economies has still not been met, and there was
harvests, rising sea levels and extreme weather. no commitment to finally meet this target.
The final document did say that $4 trillion
Adaption per year was needed to invested in renewable
The UN also said that governments have agreed energy by 2030 if the world is to have any chance
to push Adaption up the agenda at COP28 in a of reaching net zero emissions by 2050. Mean-
bid to improve resilience amongst the most vul- while, a global transformation to a low-carbon
nerable countries. economy is expected to require investment of
Adaption means investing in infrastructure at least $4-6 trillion per year. Again, these are
to prevent disaster climate change that have yet merely aspirational targets, and there was no
to happen. New pledges, totalling more than detail of how to raise this money.
$230mn, were made to the Adaptation Fund Fossil fuels are still being treated softly, with
at COP27 as part of the grandly named Sharm only coal to be phased down. The final cover doc-
el-Sheikh Adaptation Agenda. These pledges will ument refers to boosting “low-emission energy
help many more vulnerable communities adapt systems,” as well as “clean power generation and
to climate change through concrete adaptation energy efficiency measures.” It does not single
solutions. out oil or gas, allowing countries to continue to
There was also a commitment to double the invest in fossil fuels as long as they use clean tech-
annual spending on adaption from $20bn per nology, which effectively means various bits of
year at present to $40bn. kit that can reduce emissions, such as better flue
EU President Ursula von der Leyen was luke- technology at power stations and more efficient
warm in welcoming the final COP27 decision, petrol engines for cars.
saying: “COP27 marks a small step towards cli- All in all, the language of the final COP27 deal
mate justice but much more is needed for the was stronger and more forceful than at COP26,
planet. We have treated some of the symptoms but the agreement was still as toothless as in
but not cured the patient from its fever.” Glasgow, with no progress on winding down
“COP27 has kept alive the goal of 1.5C. consumption of coal or other fossil fuels.
Unfortunately, however, it has not delivered on The world now moves forward to COP28 in
a commitment by the world’s major emitters to Abu Dhabi, where a key event will be the First
phase down fossil fuels, nor new commitments Global Stocktake, which will independently eval-
on climate mitigation,” she lamented. uate the progress made by then in implementing
the 2015 Paris Agreement. COP27 will probably
Climate finance failure not receive the most glowing assessment.™
Perhaps the biggest scandal of COP27 was the
target of $100bn per year of climate finance

Week 47 24•November•2022 www. NEWSBASE .com P5