Loss and Damage Fund: Countries adopted a final agreement that establishes a loss and damage fund, a fund to pay for the impacts of climate change events that are not or cannot be avoided through mitigation or adaptation measures
Mitigation Work Programme: This program will help countries decide on how to collaborate to scale up climate mitigation, ambition and implementation to keep average temperature rise below 1.5°C
Global Goal on Adaptation: Countries agreed to develop a framework for practical discussions on adaptation goals. A new Global Agenda on Adaptation – a 30 item “to-do list” to improve resiliency against climate-related risks – was established at COP27.
Climate Finance: There were no major outcomes with regards to climate finance, but the World Bank announced a financing facility to support the Global Shield against Climate Risks initiative for climate disaster impacts.
Key Announcements and Commitments from COP15
Halting and Reversing Biodiversity Loss:the over-arching mission of the final COP15 agreement is to “halt and reverse biodiversity loss” by 2030.
30x30: Member countries committed to protect 30% of the world’s land and inland-water
ecosystems, and 30% of the world’s coastal and marine areas, by 2030.
Biodiversity Finance: Member countries set a target of “at least $200bn in biodiversity finance per year” by 2030 from “all sources” – domestic, international, public and private - to help developing countries meet their biodiversity goals.
Harmful Subsidies: The agreement includes a strong commitment to reduce harmful subsidies by at least $500 billion per year by 2030 in a fair and equitable way, and to scale up positive incentives for biodiversity
