From 6th to 18th November 2022, COP27 in Sharm El Sheik, Egypt, hosted more than 100 Heads of State and governments, over 35,000 participants and numerous pavilions showcasing climate action across different sectors.
It headlined with a breakthrough agreement to provide ‘loss and damage’ funding for vulnerable countries hit hard by climate disasters. More than USD 230 million new pledges were made to the Adaptation Fund and governments agreed on the way to move forward on the Global Goal on Adaptation. COP27 also saw the launch of a new five-year work programme to promote climate technology solutions in developing countries. There was a significant effort at urgently scaling up climate change mitigation efforts. A USD 3.1 billion plan to ensure everyone on the planet is protected by early warning systems within the next 5 years was also announced. Countries representing more than 50% of the global GDP also launched a package of 25 new collaborative actions in five key areas: power, road transport, steel, hydrogen and agriculture.