COP 27 proposes phasing out aid to fossil fuels

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The COP27 presidency has sent the parties a document with the main points of what will be the final decision of the summit, including the progressive and rationalized elimination of inefficient subsidies for fossil fuels, “in accordance with national circumstances”.

The document, to which you have had access EFEexpresses the concern about the impact of the energy crisis derived from the war in Ukraine in the promises and commitments made in terms of energy transition, and stresses the importance of avoiding a setback in those related to action and support. Thus, the text stresses the importance of raising the proportion of renewable energy in the energy mix “at all levels” as part of the diversification of energy systems.

In addition, it encourages to maintain the effort to accelerate the measures towards the progressive reduction of energy production in coal plants without CO2 capture systems, and “the phasing out and streamlining inefficient subsidies to fossil fuels, consistent with national circumstances and recognizing the need to support the development of renewables”.

This wording introduces the nuances of “rationalization” and “in accordance with national circumstances” with respect to the summit of Glasgow (COP26)in whose final agreement it was included, for the first time, to reduce energy with coal and progressively eliminate subsidies for fossil fuels (such as oil, natural gas or fuels).

166 nations are responsible for 91% of emissions

The unprecedented global energy crisis, adds the text, highlights the urgent need to rapidly transform energy systems to make them more secure, reliable and resilient, as well as accelerate a “clean and just” transition during this “critical” decade of action. Meeting the goal of a net zero emissions economy by 2050 requires the immediate and massive deployment of “all available clean and efficient energy technologies,” which requires the rise of solar and wind power over this decade, according to the same source.

Since January 2020, 166 nations, responsible for 91% of global emissions, have submitted or updated their National Reduction Commitments (NDCs), according to the document. However, there is “serious concern” about the gap between the aggregate effect of parties’ mitigation pledges in terms of global annual emissions and the aggregate emission pathways consistent with the Paris Agreement temperature goal of limiting the global warming to 1.5°C.

After mentioning the alarming scientific reports, the importance of making all efforts at all levels to achieve this goal is underlined; and the “deep regret” that developed countrieswhich are the ones with the greatest financial and technological capacity to reduce their emissions, continue without doing it. In addition, it urges developed countries to meet the goal of providing 100,000 million dollars a year to the Green Climate Fund and reiterates the agreement of the Glasgow Pact to double the budget of the Adaptation Fund.

The heading of the document clarifies that the final decision will also include the main results negotiated in relation to points included in the COP27 agenda, among which the financing of losses and damages, the Mitigation Work Program and the new global climate finance target.

Source: lainformacion.com

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