Another draft of the #COP27 decision is out (the 2nd in 6 hours!) and it shows that much more work is needed in the next 48 hours to ensure this COP means progress over Glasgow. (Thread 👇)
Three things that are worrying and urgently need improvement:
1) We need to phase out all fossil fuels, not just coal. While some countries have made interesting proposals, none of those are included in the text. #FossilFuels
1) We need to phase out all fossil fuels, not just coal. While some countries have made interesting proposals, none of those are included in the text. #FossilFuels
2) Fossil fuel subsidies: they now stand at $440 bn per year despite 13 years of governments promising to phase them out. The text needs to set a clear deadline.
3) The same goes for the $100 bn in #ClimateFinance that was promised 13 years ago. Although there is strong support for this in the COP27 decision text, without a clear timeline, this is meaningless.
Three positive developments to note:
1) There will be an action plan to deliver on adaptation financing, which will be doubled by 2025.
1) There will be an action plan to deliver on adaptation financing, which will be doubled by 2025.
2) There is a call to multilateral development banks, such as the @WorldBank, to finally align with the Paris agreement, 7 years after it was signed, and to triple their contributions to climate finance by 2025.
3) Last but not least, the negotiations on loss & damage are still ongoing but, as of now, the EU’s Vice President @TimmermansEU has made a proposal that would allow us to mobilize financing within the next 12 months.
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