COP27 was a disappointment in that there were no new decarbonisation targets that were much needed. But there were positive outcomes including the creation of a fund to help nations vulnerable to climate disasters.
World Focus looks at some of the key developments and what lies ahead.
Tide turning as spotlight falls on oceans’ climate role
Covering 70 per cent of the earth’s surface, oceans play a crucial role in slowing the pace of climate change, absorbing about 30 per cent of the world’s carbon dioxide (CO2) emissions.
But all that CO2 – 67 billion tonnes were absorbed by the oceans from just 1992 to 2018 – is taking its toll on the oceans, causing rising acidity, depletion of oxygen levels and rising temperatures that are damaging reefs and other marine life and, in turn, the livelihoods of people dependent on marine and coastal diversity.
Rising temperatures and increased acidity could also reduce the oceans’ effectiveness as a carbon sink.
Loss and damage fund: Path ahead remains thorny
Amid disappointment that the COP27 climate talks failed to deliver on several fronts, including fresh commitments to reduce emissions, there was one break in the clouds.
This was the creation of a loss and damage fund that requires developed countries to provide financial assistance to poor and developing nations struck by devastating climate disasters.
The breakthrough came after much wrangling, following decades of resistance from rich nations largely responsible for much of global greenhouse gas emissions.
Carbon credit deals boost Singapore’s hub status: Analysts
Singapore’s moves at the latest United Nations climate talks are helping it to cement its position as a carbon services hub and meet its climate targets, analysts said.
During the COP27 climate summit in November, Singapore signed or concluded negotiations on a number of partnerships with countries including Ghana, Papua New Guinea and Japan to collaborate on carbon credits.
The bilateral trade of carbon credits with Ghana, for example, will be the first of its kind for Singapore when the two countries sign an agreement to implement the carbon credit trade early in 2023.
Hits and misses at COP27
The marathon COP27 climate talks in Egypt reached agreement on a loss and damage fund, but a worrying lack of ambition on emissions cuts increases the risks from a warming planet. Here is a look at what’s hot from the United Nations climate summit – and what’s not.