The United Nations Climate Summit has finally came to an end with an agreement on how to tackle global warming. The UN has adopted the loss and damage fund to cover the losses suffered by vulnerable nations hit by the impact of global warming.

Guterres: World still needs a giant leap on climate ambition | COP27 Summit

At the COP27 climate conference early on Sunday (November 20), nations signed a contentious final deal that establishes a fund to aid impoverished nations suffering from climate catastrophes but does not step up efforts to reduce the emissions that cause them. After difficult talks that lasted all night, the Egyptian COP27 chair made the final language of the agreement public and convened a plenary meeting to swiftly approve it.

Final declaration&nbsp;and historic agreement on "loss and damage" from climate change are the two primary texts adopted by the delegates.&nbsp;

Here are the key takeaways from the two papers, which outline promises on greenhouse gas emissions, global warming, and energy as well as funds to assist developing nations in coping with the terrible effects of climate change.

Also WATCH |&nbsp;COP27: UN Climate Change Conference adopts ‘Loss and Damage’ fund

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<h2>Final declaration</h2>

Reductions in emissions

COP27 "emphasises the urgent need for immediate, deep, quick and sustained reductions in global greenhouse gas emissions," which contribute to global warming.

Antonio Guterres, the secretary-general of the UN, lamented a failure to "dramatically decrease emissions today."

Warming objectives

The final statement reiterates the Paris Agreement's temperature target of keeping the rise in the world's average temperature to well below two degrees Celsius over pre-industrial levels and pushing initiatives to keep it to 1.5C.

Resolving to continue efforts to keep the temperature increase to 1.5C, it also "reiterates that the repercussions of climate change will be significantly lesser at the temperature increase of 1.5C compared with 2C."

Energy

Parties are urged by COP27 to "accelerate...efforts towards the phase-out of wasteful fossil fuel subsidies and the phase-down of unabated coal power."

Instead of only mentioning subsidies, some nations attempted to discuss lowering the usage of oil and natural gas.

Emissions from coal-fired power plants that are "unabated" are those that are not syphoned off to keep them from entering the atmosphere.

Additionally, the document asks for quickening "fair and sustainable transitions to renewable energy."

Loss and damage

Parties "decide to establish new finance arrangements for aiding developing countries in responding to loss and damage, including by giving and assisting in mobilising new and additional resources."

Additionally, they "decide to establish a fund for addressing loss and damage."

The rules for the new financial arrangements will be laid down by "a transitory committee," and the "sources of money" will be determined.

The committee's suggestions would be made available "for deliberation and adoption" at the COP28 conference in Dubai the following year.

<h2>How is the world reacting?</h2>

The "loss and damage" fund established at the&nbsp;climate summit in Egypt, to aid vulnerable nations in coping with the devastating effects of climate change garnered praise but&nbsp;there was also resentment about the inability to continue to fight for emission reductions in order to maintain the aspirational target of keeping global warming to 1.5 degrees Celsius over pre-industrial levels.

These are a few of the responses:

UN Secretary-General Antonio Guterres:

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<a href="https://twitter.com/hashtag/COP27?src=hash&amp;ref_src=twsrc%5Etfw">#COP27</a> has taken an important step towards justice. 
 
I welcome the decision to establish a loss and damage fund and to operationalize it in the coming period. 
 
Clearly this will not be enough, but it is a much-needed political signal to rebuild broken trust. <a href="https://t.co/5yhg5tKXtJ">pic.twitter.com/5yhg5tKXtJ</a>
— António Guterres (@antonioguterres) <a href="https://twitter.com/antonioguterres/status/1594181881771212802?ref_src=twsrc%5Etfw">November 20, 2022</a></blockquote>
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Also read |&nbsp;<a href="https://www.wionews.com/world/disgruntled-un-chief-antonio-guterres-calls-out-cop27-for-failing-to-meet-ambitions-535726">UN secretary-general Antonio Guterres calls out COP27 for failing to meet ambitions</a>

Egyptian Foreign Minister Sameh Shoukry,&nbsp;COP27&nbsp;chairman:

<blockquote>
"My friends, we heard the call and we responded."

"Millions around the globe can now sense some glimmer of hope that their suffering will finally be addressed appropriately."
</blockquote>

Fijian Prime Minister Frank Bainimarama:

<blockquote>
"From the bottom of my heart, vinaka vakalevu (thank you very much) to our tireless Pacific negotiators for securing a loss and damage fund at&nbsp;COP27."

"You represent those who stand to lose the most to this crisis, and you have fought the hardest to see climate justice delivered."
</blockquote>

Alok Sharma, chairman of Britain's COP26 presidency:

<blockquote>
"Emissions peaking before 2025, as the science tells us, is necessary. Not in this text. Clear follow-through on the phase-down of coal. Not in this text. A clear commitment to phase out all fossil fuels. Not in this text. And the energy text, weakened, in the final minutes.

"Each of us will have to explain that, to our citizens, to the world's most vulnerable countries and communities, and ultimately to the children and grandchildren to whom many of us now go home."
</blockquote>

French Energy Minister Agnes Pannier-Runacher:

<blockquote>
"The&nbsp;COP27&nbsp;agreement may not meet the ambitions of France and the European Union, but it preserves the most vital thing: It underlines the aim of limiting global warming to 1.5C and urges countries to make extra efforts from 2023."
</blockquote>

(With inputs from agencies)

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At the COP27 climate conference early on Sunday (November 20), nations signed a contentious final deal that establishes a fund to aid impoverished nations suffering from climate catastrophes but does not step up efforts to reduce the emissions that cause them.

At the COP27 climate conference early on Sunday (November 20), nations signed a contentious final deal that establishes a fund to aid impoverished nations suffering from climate catastrophes but does not step up efforts to reduce the emissions that cause them. After difficult talks that lasted all night, the Egyptian COP27 chair made the final language of the agreement public and convened a plenary meeting to swiftly approve it. Final declaration and historic agreement on "loss and damage" from climate change are the two primary texts adopted by the delegates. Here are the key takeaways from the two papers, which outline promises on greenhouse gas emissions, global warming, and energy as well as funds to assist developing nations in coping with the terrible effects of climate change. Also WATCH | COP27: UN Climate Change Conference adopts ‘Loss and Damage’ fund Final declaration Reductions in emissions COP27 "emphasises the urgent need for immediate, deep, quick and sustained reductions in global greenhouse gas emissions," which contribute to global warming. Antonio Guterres, the secretary-general of the UN, lamented a failure to "dramatically decrease emissions today." Warming objectives The final statement reiterates the Paris Agreement's temperature target of keeping the rise in the world's average temperature to well below two degrees Celsius over pre-industrial levels and pushing initiatives to keep it to 1.5C. Resolving to continue efforts to keep the temperature increase to 1.5C, it also "reiterates that the repercussions of climate change will be significantly lesser at the temperature increase of 1.5C compared with 2C." Energy Parties are urged by COP27 to "accelerate...efforts towards the phase-out of wasteful fossil fuel subsidies and the phase-down of unabated coal power." Instead of only mentioning subsidies, some nations attempted to discuss lowering the usage of oil and natural gas. Emissions from coal-fired power plants that are "unabated" are those that are not syphoned off to keep them from entering the atmosphere. Additionally, the document asks for quickening "fair and sustainable transitions to renewable energy." Loss and damage Parties "decide to establish new finance arrangements for aiding developing countries in responding to loss and damage, including by giving and assisting in mobilising new and additional resources." Additionally, they "decide to establish a fund for addressing loss and damage." The rules for the new financial arrangements will be laid down by "a transitory committee," and the "sources of money" will be determined. The committee's suggestions would be made available "for deliberation and adoption" at the COP28 conference in Dubai the following year. How is the world reacting? The "loss and damage" fund established at the climate summit in Egypt, to aid vulnerable nations in coping with the devastating effects of climate change garnered praise but there was also resentment about the inability to continue to fight for emission reductions in order to maintain the aspirational target of keeping global warming to 1.5 degrees Celsius over pre-industrial levels. These are a few of the responses: UN Secretary-General Antonio Guterres: #COP27 has taken an important step towards justice. I welcome the decision to establish a loss and damage fund and to operationalize it in the coming period. Clearly this will not be enough, but it is a much-needed political signal to rebuild broken trust. pic.twitter.com/5yhg5tKXtJ — António Guterres (@antonioguterres) November 20, 2022 × Also read | UN secretary-general Antonio Guterres calls out COP27 for failing to meet ambitions Egyptian Foreign Minister Sameh Shoukry, COP27 chairman: "My friends, we heard the call and we responded." "Millions around the globe can now sense some glimmer of hope that their suffering will finally be addressed appropriately." Fijian Prime Minister Frank Bainimarama: "From the bottom of my heart, vinaka vakalevu (thank you very much) to our tireless Pacific negotiators for securing a loss and damage fund at COP27." "You represent those who stand to lose the most to this crisis, and you have fought the hardest to see climate justice delivered." Alok Sharma, chairman of Britain's COP26 presidency: "Emissions peaking before 2025, as the science tells us, is necessary. Not in this text. Clear follow-through on the phase-down of coal. Not in this text. A clear commitment to phase out all fossil fuels. Not in this text. And the energy text, weakened, in the final minutes. "Each of us will have to explain that, to our citizens, to the world's most vulnerable countries and communities, and ultimately to the children and grandchildren to whom many of us now go home." French Energy Minister Agnes Pannier-Runacher: "The COP27 agreement may not meet the ambitions of France and the European Union, but it preserves the most vital thing: It underlines the aim of limiting global warming to 1.5C and urges countries to make extra efforts from 2023." (With inputs from agencies) WATCH WION LIVE HERE:

COP27: Major takeaways from the UN climate summit; reactions from global leaders

Egypt, the host country for COP27, desperately tried to save the UN climate talks on Saturday, as the European Union (EU) hinted at a resolution to the sensitive subject of "loss and damage" financing for countries that are susceptible to climate change. In order to further the battle against climate change as the world faces an increasing number of weather extremes, over 200 nations' delegates assembled in Egypt in the last two weeks at&nbsp;COP27.&nbsp;In a reversal, the US also&nbsp;said it wouldn’t block the creation of a climate damages fund for developing countries. Yet, no funding deal has been formalised.&nbsp;

However, disagreements emerged about raising the bar for fighting global warming as well as the conditions under which affluent polluters must pay "loss and damage" compensation to nations devastated by climate catastrophes.

After a paper presented by Egypt&nbsp;was squarely&nbsp;rejected by the EU, a source within the organisation said that at least the loss and damage problem had been "accepted" as far as the EU was concerned.

The Egyptian president on Saturday issued a draft&nbsp;paper on the establishment of a dedicated loss and damage fund. It borrows its terminology from three prior suggestions made by the EU, Britain, the G77, and the bloc of 134 developing countries led by China. However, it also seems to push some of the trickier issues, notably those pertaining to finance sources, until the next year.

The EU wants COP27 to adopt robust wording on reducing emissions and to reiterate the lofty objective of keeping global warming to 1.5 degrees Celsius over pre-industrial levels.

The world is presently off track&nbsp;and is projected to warm by about 2.5C under existing promises and plans, according to scientists, making this a significantly safer safeguard against catastrophic climate consequences.

In addition, the Egyptian COP27 chair unveiled a fresh version of the final declaration, which calls for stepping up "efforts towards the phasedown of unabated coal power and phase-out of wasteful fossil fuel subsidies."

(With inputs from agencies)

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Egypt, the host country for COP27, desperately tried to save the UN climate talks on Saturday, as the European Union (EU) hinted at a resolution to the sensitive subject of "loss and damage" financing for countries that are susceptible to climate change.

Egypt, the host country for COP27, desperately tried to save the UN climate talks on Saturday, as the European Union (EU) hinted at a resolution to the sensitive subject of "loss and damage" financing for countries that are susceptible to climate change. In order to further the battle against climate change as the world faces an increasing number of weather extremes, over 200 nations' delegates assembled in Egypt in the last two weeks at COP27. In a reversal, the US also said it wouldn’t block the creation of a climate damages fund for developing countries. Yet, no funding deal has been formalised. However, disagreements emerged about raising the bar for fighting global warming as well as the conditions under which affluent polluters must pay "loss and damage" compensation to nations devastated by climate catastrophes. After a paper presented by Egypt was squarely rejected by the EU, a source within the organisation said that at least the loss and damage problem had been "accepted" as far as the EU was concerned. The Egyptian president on Saturday issued a draft paper on the establishment of a dedicated loss and damage fund. It borrows its terminology from three prior suggestions made by the EU, Britain, the G77, and the bloc of 134 developing countries led by China. However, it also seems to push some of the trickier issues, notably those pertaining to finance sources, until the next year. The EU wants COP27 to adopt robust wording on reducing emissions and to reiterate the lofty objective of keeping global warming to 1.5 degrees Celsius over pre-industrial levels. The world is presently off track and is projected to warm by about 2.5C under existing promises and plans, according to scientists, making this a significantly safer safeguard against catastrophic climate consequences. In addition, the Egyptian COP27 chair unveiled a fresh version of the final declaration, which calls for stepping up "efforts towards the phasedown of unabated coal power and phase-out of wasteful fossil fuel subsidies." (With inputs from agencies) WATCH WION LIVE HERE:

COP27 Summit: Developing nations call to establish 'loss and damage fund'; no formal deal yet

German Chancellor Olaf Scholz has urged COP27 nations that they should not lose sight of renewable energy targets despite the impact of the Russian invasion of Ukraine. "There must not be a worldwide renaissance of fossil fuels," Scholz said in a speech at the climate summit in Sharm el-Sheikh, Egypt.

"And for Germany I can say: there will not be one," he said.

Also Read |&nbsp;<a href="https://www.wionews.com/world/cop27-live-updates-un-chief-calls-for-global-climate-pact-during-summit-in-egypt-531871">We’re on highway to climate hell, UN chief tells world leaders</a>

Following the Russia-Ukraine crisis, Russian energy imports to Europe have taken a hit. They have come down considerably, resulting in a sharp rise in prices. In the absence of supply, Germany has been trying to look at other options to increases its supplies, especially looking to a very potential winter shortages. Due to the same reason, Germany has restarted its coal power plants "for a short time", Scholz said.

However, he assured that Germany would "stick to our exit from coal" policy, with Berlin targeting a complete end for the fossil fuel in 2030. Germany has also been investing billions into new infrastructure for the import of natural gas from new sources, such as the United States or Qatar.

Officials have informed that such liquefied natural gas (LNG) terminals will in time be retrofitted for the import of hydrogen. Scholz stressed that given the pressure Russia has been able to exert on countries by cutting supplies showed that the transition away from fossil fuels was a "security policy imperative".&nbsp;

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&nbsp;

Scholz also talked about how it is important to bring down global warming as that would solve a lot of the climate problems.

Less global warming meant "fewer droughts and floods, fewer conflicts over resources, less hunger and fewer bad harvests, and more security and well-being for all", he said.

Germany is also planning to increase its investments in international environmental programmes, Scholz said, bringing the total to six billion euros ($6 billion). Funds for the protection of forests through 2025 would be doubled to two billion, the development ministry said. The investments will mostly by via partnership programmes with countries such as Brazil, Ecuador, Madagascar and Pakistan, according to the ministry.

(With inputs from agencies)

&nbsp;

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German Chancellor Olaf Scholz has urged COP27 nations that they should not lose sight of renewable energy targets despite the impact of the Russian invasion of Ukraine.

German Chancellor Olaf Scholz has urged COP27 nations that they should not lose sight of renewable energy targets despite the impact of the Russian invasion of Ukraine. "There must not be a worldwide renaissance of fossil fuels," Scholz said in a speech at the climate summit in Sharm el-Sheikh, Egypt. "And for Germany I can say: there will not be one," he said. Also Read | We’re on highway to climate hell, UN chief tells world leaders Following the Russia-Ukraine crisis, Russian energy imports to Europe have taken a hit. They have come down considerably, resulting in a sharp rise in prices. In the absence of supply, Germany has been trying to look at other options to increases its supplies, especially looking to a very potential winter shortages. Due to the same reason, Germany has restarted its coal power plants "for a short time", Scholz said. However, he assured that Germany would "stick to our exit from coal" policy, with Berlin targeting a complete end for the fossil fuel in 2030. Germany has also been investing billions into new infrastructure for the import of natural gas from new sources, such as the United States or Qatar. Officials have informed that such liquefied natural gas (LNG) terminals will in time be retrofitted for the import of hydrogen. Scholz stressed that given the pressure Russia has been able to exert on countries by cutting supplies showed that the transition away from fossil fuels was a "security policy imperative". × Scholz also talked about how it is important to bring down global warming as that would solve a lot of the climate problems. Less global warming meant "fewer droughts and floods, fewer conflicts over resources, less hunger and fewer bad harvests, and more security and well-being for all", he said. Germany is also planning to increase its investments in international environmental programmes, Scholz said, bringing the total to six billion euros ($6 billion). Funds for the protection of forests through 2025 would be doubled to two billion, the development ministry said. The investments will mostly by via partnership programmes with countries such as Brazil, Ecuador, Madagascar and Pakistan, according to the ministry. (With inputs from agencies)

German Chancellor Scholz warns against 'worldwide renaissance of fossil fuels'

UN Chief António Guterres while addressing the Cop27 Summit said, Humanity is on a “highway to climate hell”, saying the fight for a liveable planet will be won or lost in this decade.

We are on 'highway to climate hell', UN chief warns at Cop27 summit

Choose "Climate Solidarity Or Collective Suicide": UN chief warns climate summit | Top News

UK Prime Minister Rishi Sunak has reversed his decision to skip the COP27 climate summit in Egypt next week. The decision comes after former Prime Minister Boris Johnson confirmed his intention to go for the climate meeting.

Rishi Sunak makes U-turn, says will attend COP27 summit

Rishi Sunak makes U-turn, says will attend COP27 climate summit

Egyptian security forces have detained an Indian environmental activist on a peaceful march from Cairo to Sharm el-Sheikh, amid an ongoing crackdown ahead of a COP27 climate summit.

WION Climate Tracker: Climate activist being arrested and detained in Egypt ahead of COP27

WION Climate Tracker: Rishi Sunak makes U-turn, says will attend COP27 climate summit

UK Minister Mark Spencer has hinted that UK Prime Minister Rishi Sunak may reconsider his decision not to attend the COP27 climate summit.

WION Climate Tracker: Downing Street hints at UK PM Rishi Sunak's attendance at COP27 climate summit

The United Nation’s Food and Agriculture Organization (FAO), CGIAR and The Rockefeller Foundation has announced that they will host the official Food and Agriculture Pavilion at the COP27 climate summit in Egypt. This marks the first time that such a pavilion has been set up COP.

WION Climate Tracker: First ever food & agriculture pavilion to be hosted at COP27

More than 30,000 delegates, including representatives from some 200 countries, will gather November 6-18 in Egypt for the COP27 Climate Summit.

WION Climate Tracker: COP27 to test resolve of world battling war, inflation

UK Prime Minister Rishi Sunak on Friday (October 28) defended his decision to skip COP27 climate change summit. Sunak said he was skipping the climate meet because of 'pressing' economic problems.

The UK is emerging from an economic turmoil triggered by former PM Liz Truss' economic policies. The turmoil resulted in Truss' resignation. Sunak has a task on his hand to restore confidence in the UK's financial system.

In an interview with Sky News a day after Downing Street announced he was skipping the summit, Sunak stressed he was "very personally committed" to environmental issues.

"I just think at the moment it's right that I'm also focusing on the pressing domestic challenges we have with the economy, and I think that's what people watching would reasonably expect me to be doing as well," Sunak said.

The COP27 UN climate change conference is due to take place in Egypt on November 7-8. Last year, the conference had taken place in Glasgow, England.

Sunak has nonetheless drawn flak for his decision to skip COP 27 meeting.

Keir Starmer, leader of Labour Party in the Opposition, said that Sunak's decision to skip the conference was an 'absolute failure of leadership'. Green Party leader Caroline Lucas said that Sunak's absence was a "shameful way to end the UK's COP Presidency"

(With inputs from agencies)

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UK Prime Minister Rishi Sunak on Friday (October 28) defended his decision to skip COP27 climate change summit. Sunak said he was skipping the climate meet because of 'pressing' economic problems.

UK Prime Minister Rishi Sunak on Friday (October 28) defended his decision to skip COP27 climate change summit. Sunak said he was skipping the climate meet because of 'pressing' economic problems. The UK is emerging from an economic turmoil triggered by former PM Liz Truss' economic policies. The turmoil resulted in Truss' resignation. Sunak has a task on his hand to restore confidence in the UK's financial system. In an interview with Sky News a day after Downing Street announced he was skipping the summit, Sunak stressed he was "very personally committed" to environmental issues. "I just think at the moment it's right that I'm also focusing on the pressing domestic challenges we have with the economy, and I think that's what people watching would reasonably expect me to be doing as well," Sunak said. The COP27 UN climate change conference is due to take place in Egypt on November 7-8. Last year, the conference had taken place in Glasgow, England. Sunak has nonetheless drawn flak for his decision to skip COP 27 meeting. Keir Starmer, leader of Labour Party in the Opposition, said that Sunak's decision to skip the conference was an 'absolute failure of leadership'. Green Party leader Caroline Lucas said that Sunak's absence was a "shameful way to end the UK's COP Presidency" (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

UK PM Rishi Sunak defends his decision to skip COP27 climate summit

This year we have witnessed immense climate around the world. From floods that put one-third of Pakistan under water to hurricanes and typhoons. V20 has said that rich countries must urgently develop a plan to assist countries suffering the ravages of extreme weather.

WION Climate Tracker: Rich countries must urgently help climate-threatened nations, says V20

The world is gearing up for the 27th&nbsp;Conference of Paris (COP). With nations preparing to meet again to deliberate the progress since the last COP26, here is a look into what is COP26, what were its key take always and what are the challenges on its way.

What is COP?

COP stands for Conference of the Parties. COP26 refers to the most recent annual climate change conference hosted by the UN. The most recent COP summit was hosted in a partnership between UK and Italy. It was conducted from 1-12 November 2021 in Glasgow.&nbsp;

This year, COP27 is to take place in Sharm-el-Sheikh, Egypt. It is important to note that this conference is held every year by the world’s governments and is attended by the countries that signed the United Nations Framework Convention on Climate Change (UNFCCC).&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/science/tonga-underwater-volcano-impact-can-affect-ozone-layer-heres-what-you-should-know-503705" hreflang="en">Tonga underwater volcano impact can affect ozone layer: Here's what you should know</a>

What is UNFCCC?&nbsp;

The UNFCCC entered into force on March 21, 1994, and has been ratified by 197 countries. It was signed in 1992 at the United Nations Conference on Environment and Development which is also known as the Earth Summit, the Rio Conference or the Rio Summit.&nbsp;

Which environmental issues were the main focus of COP26?

Coal: It is responsible for 40 per cent of annual CO2 emissions and 64 per cent of the world’s CO2 emissions. COP26 set targets to reduce the use of coal. The major takeaway was the agreement to work on the inefficient oil and gas subsidies i.e. the government payments that artificially lower the price of fossil fuels.

Deforestation: It is another significant global issue. More than 100 countries pledged to stop deforestation by 2030. It is noteworthy that these 100 countries have about 85 per cent of the world’s forests. Deforestation is a crucial issue as trees absorb nearly 10 per cent of CO2 which is emitted every year.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/the-world-needs-to-think-about-worst-case-scenario-as-extreme-weather-conditions-become-a-global-challenge-504018" hreflang="en">The world needs to think about worst case scenario as extreme weather conditions become a global challenge</a>

Climate finance: Finance is essential to combat climate issues at a global level. All the developed and rich countries have agreed to contribute nearly 72 billion pounds a year to developing countries for climate action by 2022 end. This pledge was missing in 2020 and hence, was an important part of COP26.

Methane: methane emission is a global climate challenge and is responsible for nearly a third of human-generated waste. At COP26, nearly 100 countries agreed to cut down on 30 per cent of methane emissions by 2030.&nbsp;

What was the key takeaway from COP26?

At COP26, countries were urged to strengthen their 2030 targets by COP27. It was targeted that global warming should not exceed +1.5 degrees Celsius. Nearly 140 countries announced set target dates for bringing down the emissions to a net zero.&nbsp;

The highlight of COP26 was the Glasgow climate pact. This pact was endorsed by 42 countries as a cooperative effort to accelerate the development and deployment of clean technologies. It also aims at sustainable solutions in areas such as clean power, road transport, steel and hydrogen.

Watch |&nbsp;Fiji villages inundated by rising sea

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What are the major challenges?

The targets set at COP26 are voluntary with no definitive penalties or enforcement mechanism in place. In fact, many targets are subject to provisions based on the availability of financial support. Further, there is a lack of clarity on particular actions that will be taken by countries to achieve the goals.&nbsp;

The biggest challenge arises with the carbon budget. Carbon budget distribution across the nations is widely questionable. For example, the top three emitters are China, the USA and Europe and account for about 30 per cent of the world’s population. This means that they would take up to 78 per cent of the carbon budget.

Thus, with active efforts to combat climate change and rectifications from COP26, COP27 might have a lot to offer in tackling the global climate crisis.&nbsp;

(With inputs from agencies)

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The world is gearing up for the 27th Conference of Paris (COP). With nations preparing to meet again to deliberate the progress since the last COP26, here is a look into what is COP26, what were its key take always and what are the challenges on its way.

The world is gearing up for the 27th Conference of Paris (COP). With nations preparing to meet again to deliberate the progress since the last COP26, here is a look into what is COP26, what were its key take always and what are the challenges on its way. What is COP? COP stands for Conference of the Parties. COP26 refers to the most recent annual climate change conference hosted by the UN. The most recent COP summit was hosted in a partnership between UK and Italy. It was conducted from 1-12 November 2021 in Glasgow. This year, COP27 is to take place in Sharm-el-Sheikh, Egypt. It is important to note that this conference is held every year by the world’s governments and is attended by the countries that signed the United Nations Framework Convention on Climate Change (UNFCCC). Also read | Tonga underwater volcano impact can affect ozone layer: Here's what you should know What is UNFCCC? The UNFCCC entered into force on March 21, 1994, and has been ratified by 197 countries. It was signed in 1992 at the United Nations Conference on Environment and Development which is also known as the Earth Summit, the Rio Conference or the Rio Summit. Which environmental issues were the main focus of COP26? Coal: It is responsible for 40 per cent of annual CO2 emissions and 64 per cent of the world’s CO2 emissions. COP26 set targets to reduce the use of coal. The major takeaway was the agreement to work on the inefficient oil and gas subsidies i.e. the government payments that artificially lower the price of fossil fuels. Deforestation: It is another significant global issue. More than 100 countries pledged to stop deforestation by 2030. It is noteworthy that these 100 countries have about 85 per cent of the world’s forests. Deforestation is a crucial issue as trees absorb nearly 10 per cent of CO2 which is emitted every year. Also read | The world needs to think about worst case scenario as extreme weather conditions become a global challenge Climate finance: Finance is essential to combat climate issues at a global level. All the developed and rich countries have agreed to contribute nearly 72 billion pounds a year to developing countries for climate action by 2022 end. This pledge was missing in 2020 and hence, was an important part of COP26. Methane: methane emission is a global climate challenge and is responsible for nearly a third of human-generated waste. At COP26, nearly 100 countries agreed to cut down on 30 per cent of methane emissions by 2030. What was the key takeaway from COP26? At COP26, countries were urged to strengthen their 2030 targets by COP27. It was targeted that global warming should not exceed +1.5 degrees Celsius. Nearly 140 countries announced set target dates for bringing down the emissions to a net zero. The highlight of COP26 was the Glasgow climate pact. This pact was endorsed by 42 countries as a cooperative effort to accelerate the development and deployment of clean technologies. It also aims at sustainable solutions in areas such as clean power, road transport, steel and hydrogen. Watch | Fiji villages inundated by rising sea What are the major challenges? The targets set at COP26 are voluntary with no definitive penalties or enforcement mechanism in place. In fact, many targets are subject to provisions based on the availability of financial support. Further, there is a lack of clarity on particular actions that will be taken by countries to achieve the goals. The biggest challenge arises with the carbon budget. Carbon budget distribution across the nations is widely questionable. For example, the top three emitters are China, the USA and Europe and account for about 30 per cent of the world’s population. This means that they would take up to 78 per cent of the carbon budget. Thus, with active efforts to combat climate change and rectifications from COP26, COP27 might have a lot to offer in tackling the global climate crisis. (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

WION Explains | COP26: What, Why, How and Where?

The COVID-19 pandemic and the war in Ukraine have kept the world busy but while these two are important issues our climate continues to get warmer by the day. So leaders from 40 countries met in Berlin to discuss how to stay focused on fighting climate change.

WION Climate Tracker | Leaders of 40 nations gather for 2022 Climate Summit in Berlin

The WION global summit is back with its fifth edition with a host of leaders, diplomats, ministers, policy makers. The summit goes live in Dubai today, it will convene for an extensive discussion and debate on global issues which will largely cover emerging threat of bio weapons and the warfare in the field of trade and internet.

WION Global Summit: A gathering in the quest for peace | Mission Peace

During Wion Climate Summit, Svein Tveitdal, Director, Klima 2020, talks about what makes an electronic vehicles attractive to buy.

Wion Climate Summit: What makes EVs attractive to buy?

Mahua Acharya, MD & CEO, CESL talks about incentives when it comes to affording an electronic vehicle. Acharya talks about Indian cities and building of public transit when it comes to EVs.

WION Climate Summit: Electronic vehicles & social aspiration of owning a car

Climate change is getting more severe and intense with each passing year, and it is set to be the norm in the future if the necessary action is not taken, professor Tim Smith said on Tuesday while speaking at WION’s Climate Summit.

Speaking at the event in New Delhi, Smith, professor, Sustainability Research Centre, Australia’s University of the Sunshine Coast, reminded the world about Australia, which has been facing the vagaries of climate.

“In 2010, Australia had flooding issues in Queensland. The property damage bill was US $1.5 billion dollars. In 2019, we had bushfires and the claims for the bushfire was US $2.5 billion. And just a few weeks ago, we had incredibly significant flooding again, and the claims for that will far eclipse the two previous events,” he said.

Also read |&nbsp;<a href="https://www.wionews.com/world/wion-climate-summit-indias-first-hydrogen-powered-car-to-be-unveiled-gadkari-462655">WION Summit | India's first Hydrogen-powered car to be unveiled: Gadkari</a>

“So, the climate change impact is getting more intense and severe. These extreme events are going to become ordinary events. So, it is really about exploring the cost of inaction,” he added.

Highlighting the problem of funding climate change, Smith noted that while the North (developed countries) had the wherewithal to mitigate the effects of global warming, the South (developing countries) lacked resources, while weighing on the debate of “who should pay”.

Also read |&nbsp;<a href="https://www.wionews.com/world/wion-climate-summit-climate-change-can-deprive-us-from-basic-needs-warns-sudhir-chaudhary-462548" hreflang="en">WION Summit: Climate Change can affect our basic needs, warns Sudhir Chaudhary</a>

“The North needs to recognise that it has the resources to adapt to these things that give them the room to be able to mitigate because of decades of climate destruction. So, we need to be transparent about that as well. The global South has a range of other challenges” he said.

Watch |&nbsp;Wion Climate Summit: Where do we find the money to fund climate change?

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Climate change is getting more severe and intense with each passing year, and it is set to be the norm in the future if the necessary action is not taken, professor Tim Smith said on Tuesday while speaking at WION’s Climate Summit.

Climate change is getting more severe and intense with each passing year, and it is set to be the norm in the future if the necessary action is not taken, professor Tim Smith said on Tuesday while speaking at WION’s Climate Summit. Speaking at the event in New Delhi, Smith, professor, Sustainability Research Centre, Australia’s University of the Sunshine Coast, reminded the world about Australia, which has been facing the vagaries of climate. “In 2010, Australia had flooding issues in Queensland. The property damage bill was US $1.5 billion dollars. In 2019, we had bushfires and the claims for the bushfire was US $2.5 billion. And just a few weeks ago, we had incredibly significant flooding again, and the claims for that will far eclipse the two previous events,” he said. Also read | WION Summit | India's first Hydrogen-powered car to be unveiled: Gadkari “So, the climate change impact is getting more intense and severe. These extreme events are going to become ordinary events. So, it is really about exploring the cost of inaction,” he added. Highlighting the problem of funding climate change, Smith noted that while the North (developed countries) had the wherewithal to mitigate the effects of global warming, the South (developing countries) lacked resources, while weighing on the debate of “who should pay”. Also read | WION Summit: Climate Change can affect our basic needs, warns Sudhir Chaudhary “The North needs to recognise that it has the resources to adapt to these things that give them the room to be able to mitigate because of decades of climate destruction. So, we need to be transparent about that as well. The global South has a range of other challenges” he said. Watch | Wion Climate Summit: Where do we find the money to fund climate change?

WION Climate Summit | Climate change impacts are getting more severe, says professor Tim Smith

During WION Climate Summit, Casper Rawles, Chief Data Officer of Benchmark Mineral Intelligence, talks about the cost of batteries in electronic vehicles.

WION Climate Summit: Can the cost of batteries in EVs change?

Tizita Mulugeta, the Ethiopian ambassador to India talked about the climate crisis that the world is facing. She also weighed in on the role of youth in the current scenario.

WION Climate Summit: Ethiopia's envoy to India talks about youth's role in addressing climate change

'Why are we talking about climate change in the middle of a war, why are talking about climate change in the middle of the pandemic? Because time and again we have let politics overshadow climate conversation.' Palki Sharma addresses issues related to climate change during WION's exclusive summit.

WION Climate Summit Live: 'We have let politics overshadow climate conversation,' says Palki Sharma

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