Three days away from the scheduled end of COP27, the cover decision that should send a strong signal to guide implementation is still out of sight. ECO has been looking for actual textual proposals but has only found a list of bullet points so far.
It was encouraging, though, to hear many Parties urge that the 1.5°C limit should be enshrined in the cover decision. Next is to convert this goal into what this means for action and decision language. ECO has your back: “to revisit and strengthen NDCs with a timeframe up to 2030, including through incorporating new and strengthened sectoral and non-carbon dioxide targets or actions, to align with 1.5°C by at least 43% aggregate reductions by 2030 over 2019 levels to be in line with equity.“
And while that list of topics was quite long, some absolutely critical elements were notably absent or pretty incomplete. So, here are ECO’s top three suggestions to include (more clearly):
First, establish a Loss and Damage finance facility at this COP.
Second, agree on a roadmap for doubling adaptation finance by 2025 including timebound tracking, ensuring $100bn a year in climate finance on average over 2020-2025 as committed to in 2009/2015.
Third, initiate financial system transformation. ECO knows this is not an easy one, so here is some text for it: “Highlights the need of and urges Parties to undertake efforts toward financial system transformation to shift trillions for zero-carbon climate-resilient development pathways – including through adequate, predictable, new, and additional needs-based public finance that is not debt-inducing; reform of the international financial architecture and its institutions including multilateral development banks, debt sustainability reforms and debt cancellation and other debt relief, and innovative sources such as taxing windfall profits of polluters.”
Time is running out to address the climate crisis, and COP27 is quickly coming to an end. A cover decision that is an actual textual proposal is urgently needed.