The choice was signed off by practically 200 international locations – from the key polluters and rising economies to small island states – early on Sunday morning after a marathon in a single day session.
Listed below are some key takeaways from the 12-page settlement.
Loss and Harm
Cop27 reached a historic settlement on a fund to compensate growing international locations for losses and injury attributable to the local weather disaster.
These international locations, which endure probably the most excessive impacts regardless of small carbon footprints, have known as for loss and injury to be addressed for the previous 30 years. The problem lastly made it into Cop27 negotiations after the Egyptian presidency shepherded it onto the official Sharm agenda.
Wealthy international locations, significantly the US, had lengthy opposed a loss and injury fund fearing authorized legal responsibility for years of spewing out greenhouse fuel emissions. However they reversed their stances, resulting in the breakthrough on what weak international locations see as a central matter of local weather justice.
The settlement units up a transitional committee, with representatives from 24 international locations, that may set up how the fund ought to work, and the place the cash ought to come from.
The group will then current its suggestions at Cop28 within the United Arab Emirates in 2023, with a view to getting the fund up and working.
Retains 1.5C ‘alive’ – however barely
Regardless of the progress on loss and injury, Cop27 was a failure on a number of fronts – most crucially on the mandatory slashing of greenhouse gas emissions to maintain the world at its 1.5C temperature aim.
At Cop26 in Glasgow, there was a significant push to carry the world to its 1.5C (above pre-industrial ranges) goal – and never the much less formidable “effectively beneath 2C” – of the Paris Settlement with the acknowledgement that the world is already experiencing devastating local weather impacts at round 1.2C of warming.
Many small island states and African nations say that failure to maintain 1.5C “alive” could be a dying sentence for his or her communities.
So within the Glasgow settlement, international locations agreed to “revisit and strengthen” their 2030 local weather plans by the tip of 2022.
However previously 12 months, solely a restricted quantity have finished so. The emissions-reduction plans submitted forward of Cop27 would take lower than 1 per cent off projected world emissions in 2030.
Scientists say world emissions should be reduce by 43 per cent to carry temperature will increase by the tip of the last decade to stay at 1.5C.
Quite a few “excessive ambition” international locations pushed for the ultimate Sharm el-Sheikh settlement to incorporate a reference of the necessity to peak emissions in 2025 – the deadline for keeping 1.5C “alive”, in line with the most recent local weather science. Nevertheless, this didn’t make the ultimate textual content.
Alok Sharma, the Cop26 president, didn’t mince his phrases on the end result. “Emissions peaking earlier than 2025, because the science tells us is critical. Not on this textual content,” he mentioned.
Fossil fuels drop out
The ultimate Cop27 resolution didn’t name for the winding down of all fossil gasoline use – the first reason for the worldwide local weather disaster – in a significant blow to many international locations and local weather activists.
There was a failure to progress from Glasgow, with the Sharm settlement merely repeating the decision for “accelerating efforts in the direction of the phasedown of unabated coal energy and phase-out of inefficient fossil gasoline subsidies”.
The doc once more known as for offering “focused assist to the poorest and most weak consistent with nationwide circumstances and recognising the necessity for assist in the direction of a simply transition”.
Earlier this week, India, supported by a number of international locations and the European Union, proposed a press release on “phasing down” all fossil fuels within the Cop27 settlement.
Late on Saturday, the Excessive Ambition coalition made a remaining push for the Cop27 pact to place the world on a path to part out all fossil fuels amid sturdy pushback from international locations with economies reliant on oil.
“We should emerge from Cop27 with a bundle of outcomes that retains 1.5C alive and protects the world’s weak,” mentioned Tina Stege, the Marshall Islands’ local weather envoy. She was joined on the briefing by Mr Sharma and Jennifer Morgan, Germany’s local weather envoy, amongst others.
“This Cop resolution should put the world on a path to phasing out all fossil fuels, and an pressing simply transition to renewables,” she added.
Banks placed on watch
The Cop27 textual content calls on “the shareholders” of multilateral growth banks (MDBs) and different monetary establishments to reform “their practices and priorities” to “guarantee simplified entry” together with a name to “outline a brand new imaginative and prescient” in order that they’re “match for the aim of adequately addressing the worldwide local weather emergency”. It additionally requires the monetary our bodies to take into consideration “debt burdens”.
This seems to replicate the deal with how local weather finance works – and extra importantly doesn’t work for a lot of international locations – which was a significant situation at Cop27.
Small island states and different weak international locations used the summit to spotlight how the cash that’s lent by MDBs to assist international locations get better from devastating impacts, equivalent to hurricanes and excessive flooding, comes on vastly inequitable phrases for growing nations.
Doubling down on the doubling of adaptation finance
In Glasgow, international locations signed off on doubling the quantity of finance by 2025 to assist poorer international locations adapt to local weather impacts. This may pay for plans equivalent to elevating roads to evade sea stage rise, restoring wetlands and coral reefs to buffer hurricanes, and creating infrastructure that doesn’t buckle in excessive warmth. After a much-heated debate, this pledge stayed within the remaining Cop27 deal.
Rich nations had promised to ship a complete of $100bn (£84bn) in annual local weather funding to poorer international locations by 2020 (it’s at about $83bn, in line with OECD evaluation). The ultimate settlement from Glasgow expressed “deep remorse” for lacking this goal. Now, the settlement “expresses severe concern” that it has not but been met and “urges developed nation Events to fulfill the aim”.