COP27 President and Egyptian Foreign Minister Sameh Shoukry in his press conference at Sharm El-Sheikh on Saturday. Photo : AP
The first document is an 11-page text comprising 18 articles, at the top of which is a call to commit to the Paris Agreement goal of limiting global warming to 1.5 degrees Celsius by reducing 43 percent of greenhouse gas emissions.
It also calls for accelerating the pace of international efforts to reduce emissions according to the capabilities and challenges each country faces.
The document also calls for providing the necessary funding for the Santiago Network for Research and Early Warning of Climate Disasters, which is related to the issue of Loss and Damage.
On financing, the text highlights the need to invest $4 trillion annually in renewable energy to reach zero emissions by 2050, and the need for investments of $4-6 trillion annually for the international transition to low-carbon economies.
However, developing countries need $5-6 trillion to meet their climate commitments before 2030, and accordingly there is an urgent need to provide $100 billion in financing annually, which was previously approved but not met.
The Sharm El-Sheikh initiative has been launched for dialogue between countries and major institutions to enhance consensus regarding a number of provisions of the Paris Climate Agreement concerning the financing of developing countries.
The draft document welcomes the Sharm El-Sheikh initiative for a four-year joint action in agriculture and food security, and launching the relevant Sharm El-Sheikh website.
It also highlights that climate financing is not sufficient to meet the needs of developing countries, which are estimated at $803 billion, and stresses the need to phase out the use of coal and fossil fuel subsidies.
Another text was submitted by the COP27 presidency addressing the Loss and Damage issue, proposing the establishing of new financing arrangements to assist developing countries.
It focuses on repairing the damages endured by these countries and providing new resources from multiple sources. The text also stipulates establishing a fund to finance efforts to address Loss and Damage.
It was also calls for the establishment of a transitional committee to activate this new funding, to be approved at the upcoming COP28 conference.
A third proposal was also submitted calling for strengthening international efforts to mitigate climate change and enhancing international cooperation and dialogue in this regard.