The 27th UN Climate Change Conference (COP27) took place from 6 to 20 November 2022 in Sharm El-Sheikh.
Under the presidency of Egypt, the COP27 summit brought parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change.
At the COP27, the European Commission showed ambition and flexibility to keep the goal of limiting global warming to 1.5 degrees within reach. A strong and united European effort helped secure a hard-fought deal to keep the targets of the Paris Agreement alive. The EU's bridge-building also helped to put in place balanced new funding arrangements, with an expanded donor base, to help vulnerable communities to face loss and damage caused by climate change.
- Parties agreed that limiting global warming to 1.5C requires rapid, deep and sustained reductions in global greenhouse gas emissions, reducing them by 43 percent by 2030 relative to the 2019 level.
- They reiterated the call from the Glasgow Climate Pact for nationally determined contributions (NDCs) to be updated as necessary to align with the Paris Agreement temperature goal, by the end of 2023.
- Glasgow Climate Pact will guide a new Mitigation Work Programme to encourage Parties to align their targets and actions towards net zero.
- Agreement was reached among parties to establish new funding arrangements for assisting developing countries that are particularly vulnerable to the adverse effects of climate change. This includes a new fund with a focus on addressing loss and damage.
EU initiatives at COP27
During COP27, the Commission secured many bilateral and multilateral agreements. It signed strategic partnership agreements with
- Kazakhstan on raw materials, batteries and renewable hydrogen
- Namibia on sustainable raw materials and renewable hydrogen
- Egypt on Renewable Hydrogen
President of the Commission Ursula von der Leyen launched Forest Partnerships with Guyana, Mongolia, Congo, Uganda and Zambia. Through these Partnerships, the EU will support its partners in sustainably managing and preserving forests, one of the world's richest natural resources to combat climate change and conserve biodiversity as well as to promote sustainable development. Read more
Nature’s importance to the interconnected climate and biodiversity crises will also be a key focus of the upcoming COP15 on Biodiversity, which takes place in Montreal, Canada in December.
Global Methane Pledge
The United States, the EU and its partners formally launched the Global Methane Pledge in 2021, an initiative to reduce global methane emissions to keep the goal of limiting warming to 1.5 degrees Celsius within reach. At COP27, the Commission welcomed the growing support for this initiative, which is now backed by over 150 countries. Read more
Africa: Support for climate change adaptation and resilience
The EU and the African Union announced a new Team Europe Initiative on Climate Change Adaptation and Resilience in Africa as part of the EU-Africa Global Gateway Investment Package. This Team Europe Initiative will bring together existing and new climate change adaptation programmes of over €1 billion and leverage its impact by improved coordination and a reinforced policy dialogue on adaptation between the EU and AU.
Just Energy Transition Partnership
In 2021, the governments of South Africa, France, Germany, the UK and the US, along with the EU, announced a new ambitious, long-term Just Energy Transition Partnership to support South Africa's decarbonisation efforts. The Partnership aims to accelerate the decarbonisation of South Africa's economy, with a focus on the electricity system. During COP27 the EU also welcomed and endorsed South Africa's Just Energy Transition Investment Plan, and signed a new Just Energy Transition Partnership with Indonesia at the G20 in Bali.
Throughout the conference, the Commission hosted over 125 side events at the EU Pavilion in Sharm el-Sheikh and online on issues such as biodiversity protection and nature restoration, energy security and the green transition, sustainable finance, food and water security, and research and innovation. These included a dialogue between Executive Vice-President Frans Timmermans and youth representatives from around the world.
Team Europe’s contribution to global climate finance
To tackle the climate crisis, emissions need to go down everywhere in the world. Many countries already face the impact of this crisis. The EU raised funds between 2013-2020 that are supporting developing countries with mitigating and adapting to climate change, by
- funding climate action measures globally, with a focus on the poorest and most vulnerable countries and communities
- using grants to leverage private investment and financing from international development banks
Together, the EU and its Member States are the biggest contributor of public climate finance to developing economies, committing €23.4 billion in 2020, with almost half of it in the form of grants. This represents a significant share of the global goal of $100 billion as pledged by developed countries at the Copenhagen climate summit in 2009.