COP27 concludes / Agreed to establish a fund on "Loss and Damage" and support developing countries
Launch event of the Paris Agreement Article 6 Implementation Partnership (from the website of the Ministry of the Environment)
The 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) held in Sharm el-Sheikh, Egypt, ended on the 20th. It was originally scheduled to last until the 18th, but negotiations ran into difficulties due to dealing with "loss and damage" caused by global warming, and the session was extended. Agreed to establish a fund to assist developing countries suffering loss and damage, and adopted an outcome document.
The fund is expected to mainly target developing countries that are particularly susceptible to damage from heavy rains and droughts due to climate change. Discussions on detailed institutional design, including measures to secure financial resources for the fund, will be carried over to next year's COP28.
In addition, the outcome document called on countries to accelerate the transition to renewable energy and to invest approximately 560 trillion yen annually by 2030. Continuing from last year's COP26, it clearly stated the goal of keeping the global average temperature rise to 1.5 degrees Celsius above pre-industrial levels, and the gradual reduction of coal-fired power generation, which has not taken measures to reduce emissions.
Looking at Japan's movements, Environment Minister Akihiro Nishimura declared at COP27 on the 16th the launch of the "Partnership for the Implementation of Article 6 of the Paris Agreement" aimed at building a high-quality carbon market. Article 6 positions international cooperation for decarbonization, such as the Joint Crediting Mechanism (JCM). Through the promotion of understanding of the Article 6 rules and the provision of training, the partnership will support the establishment of systems and the sharing of knowledge for each country to implement international cooperation efforts. As of the 16th of its launch, 23 institutions from 40 countries have announced their participation.
