The 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) focused this year on 3 thematic objectives. First, identify countries that are at the forefront of reducing greenhouse fuel emissions. Second, specify the countries that will be paid to end dependence on fossil fuels and transfer to cleaner energy. And finally, to answer the question of whether the countries most exposed to climate replacement owe any kind of payment or reparation. In addition, the convention also hoped to explore issues similar to biodiversity and decarbonization. However, the main objective of the Conference is to tackle tactics to finance climate replacement, mitigation under Article 4 of the Paris Agreement, a legally binding UN foreign climate treaty, and obtain adaptation policies under Article 7 of the Agreement.
Bangladesh, as the seventh most climate-vulnerable country, attached specific importance to the Conference, as it wants the climate budget to replace mitigation and push climate action for its economic growth.
Best Takeaway from Bangladesh
Local Adaptation Champions Award
Bangladesh, along with 4 other countries, won the prize in which each winner will get €15,000 in funding. The award was presented at the initiative of Rangamati Hill District Council. The initiative collaborated with five villages in Juraichari Upazila where citizens faced adverse climate disasters, namely droughts, landslides and flash floods. UNDP Bangladesh and Danida helped the network establish solar-powered drinking water fountain facilities during the crisis.
Global Shield monetary support
Bangladesh has been named among the first recipients of aid. Global Shield addresses existing weaknesses in the design of monetary hedging in climate-vulnerable economies with contributions of around €170 million from Germany and more than €40 million from countries.
Loss and damage
With global warming at the center, the convention ruled through the revenge arguments of nations that suffered the most damage caused by climate, as emerging countries made loud and repeated calls for agreement. Experts say the discussion on loss and damage is the bright spot at COP27, where Bangladesh is one of the countries reiterating the discussion. However, confusion still surrounds the main points of the agreement, as it calls for a total investment of around $2. 5 trillion through 2030.
The shortcomings of COP27
Non-compliance with emission commitments
The COP27 agreement failed to reduce net carbon emissions and reduce fossil fuels, a key goal for achieving the ambitious goal of restricting global temperature rise to 1. 5 degrees Celsius above pre-industrial degrees until 2030 under Article 2. 1(a) of the Paris Convention.
Inability to cope with food insecurity
Food systems emerged as a timeline unlike previous COPs, but there is significant political resistance to the full adoption of a systems approach. The progression of food systems and adjustments in agricultural productivity are vital for emerging countries such as Bangladesh in the context of adaptation. Unfortunately, there is no reference in the text to the Intergovernmental Panel on Climate Change’s estimate that food systems emit about one-third of greenhouse gases. In addition, COP27 focused on supply-side responses to confront food systems while avoiding politically more complicated demand. -secondary issues to ensure the sustainability, equity and resilience of food systems.
Insufficient financing for emerging countries
Developed countries have failed to deliver on their promise to mobilize $100 billion a year until 2020. The creation of a loss and damage fund has been a great success, however, some of the largest issuers, in addition to China and India, have refused to give a contribution to the fund. India has blocked the inclusion of the term “current giant issuers” in the text, arguing that giant holders intend to give a contribution to the funds. contributing to the fund.
Adaptation has been a lower priority
Adaptation is the ultimate vital policy for emerging countries like Bangladesh with emerging sea levels, excessive climate events, conversion of agricultural productivity and demanding food system situations. However, at COP27, the parties agreed to outline a framework for measuring the achievements of the target and prepare a two-year progress report. The previous call from Glasgow to double investment in adaptation was repeated. But overall progress was mitigated in the implementation phase.
The authors are law scholars from BRAC University and Dhaka University, respectively.