COP 27 delivered significant outcomes on Loss and Damage and ensured that the global community responds to the needs of the most vulnerable. COP27 continued the momentum around Long-Term Strategies (LTS) with nine countries submitting new or revised LTS during and in the run up to COP27. Next year, COP28 in the United Arab Emirates would be significant for LTS considering this is set to be the first COP with a global stocktake of actions taken towards addressing climate change since COP21.
Below are some of the key decisions relevant to LTS that were taken at COP27, which sees continuity with decisions made at COP26 last year.
Work programme on Just Transitions: (Decision 1/CMA.4, para. 52): the work programme is an important decision for enriching existing discussions on LTS. It stresses the importance of identifying long-term transition issues for key sectors and communities, incidentally pointing the need for a broad participation of stakeholders in the elaboration of LTS, and for deeper analysis of the socio-economic dimension of just transitions, including their policy implications.
Encourages support from MDBs: (Decision 1/CMA.4, para. 61,62, 68): for the first time, COP called upon bilateral and Multilateral Development Banks (MDBs) to undertake reforms to address the growing gap between climate finance needs and the currently available finance. This would help in creating stronger momentum towards the establishment of a LTS facility as announced at COP26 last year. This has potential to strengthen MDB teams already working on LTS financial support by shining a light on the need to increase LTS support internally. The conversation on aligning climate finance flows will also be expanded through the newly launched Sharm El Sheikh dialogue between Parties, relevant organisations and stakeholders, which could bring further MDB action on financing LTS.
Mitigation Work Programme: the outcome on the Mitigation Work Programme (MWP) could also be significant for LTS. The MWP would be running for four years (till 2026) and encourages exchanges of views, information and ideas which could legitimately include discussions on LTS. The global dialogues held bi-annually could also feature discussion points on LTS and on issues that are faced collectively by countries in their long-term transition. The decision (para 12.) also calls for submissions on potential topics by 1st February 2023. The Platform encourages its members to submit topics linked to LTS. The Platform also intends to make a submission drawing from topics identified in conversations with members and through the work of the Platform.
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