COP 27: What Did Progress in the Global Fight Against Climate Change Look Like?
Every Conference of Parties (COP) gathering is critical to getting commitments or showing evidence of significant action by countries to further draw down global emissions. Without this key objective, the world will not limit the global temperature rise to below 1.5 degrees Celsius.
Many headlines of this year’s event suggested that COP 27 was another missed opportunity and potentially even a step back in this regard.
That could be the conclusion you draw - IF - one is only looking through the lens of the above emissions objective.
However, there were in fact successes at this year’s global gathering. They can be seen when you shift your perspective and objectives. Here are a few of them that are worth celebrating:
From the “Africa COP” perspective, COP 27 was certainly a success. Issues of critical importance to developing economies include climate adaptation and loss and damage funding. This funding is needed to offset the economic burden they are facing from climate change disasters caused by the emissions of wealthy, developed countries. These issues were brought into the open, negotiations were rebalanced, trust was reinstated between parties, AND a breakthrough agreement was signed. This agreement (details of which still need to be fleshed out), will provide loss and damage funding for vulnerable countries hit hard by climate disasters.
China and the US reopened their conversation on tackling climate change. As the 2 largest emitters, it is critical that dialogue is engaged in.
Adaptation conversations began at this year’s event to try to enhance resilience by 2030 for 4 billion people living in the most climate-vulnerable communities . These conversations are essential to helping people stay alive while working to reduce emissions.
At the G20, which ran alongside COP 27, the Indonesia Just Energy Transition Partnership was launched to help finance the transition to carbon free energy. This is an important step because CO2 produced by coal contributes to three-quarters of the power sector’s CO2 emissions. Coal needs to be phased out almost six times faster than it has been over the past five years to align the power sector with a maximum 1.5 degrees Celsius temperature rise.
The private sector took a major role at COP27, particularly across the areas of climate ambition, low-carbon technology and climate adaptation. It was recognised that the adaptation market could be worth $2 trillion per year by 2026, with the developing world standing to benefit from much of this.
Thousands of leaders at COP27 also committed to working towards 1.5 degrees Celsius.
The First Movers Coalition expanded from 25 members when it was launched at COP26, to 65 members, which includes companies and governments. These First Movers sent a $12 billion market signal to prioritize critical, low-carbon technologies of the future to decarbonise the cement manufacturing industry.
More than 100 CEOs and senior executives of large multinational corporations, all members of the Alliance of CEO Climate Leaders, signed an open letter to leaders at COP27 committing to work side-by-side with governments to deliver bold climate action and encourage all businesses to accelerate the Net Zero transition by setting science-based targets, disclosing emissions and catalyzing decarbonisation and partnerships across global value chains.
Additionally, major agricultural trading and processing companies launched the Agriculture Sector Roadmap, which moves the industry towards science-based, transparent and traceable actions to avert and reverse deforestation.
26 countries signed a global MOU, or Memorandum of Understanding, that 100% of new truck and bus sales will be zero emissions by 2040.
Youth also made their voices heard: Pato Kelesitse, Global Shaper at Gaborone Hub and Founder of Sustain 267, said: “When we use our money as young people, we need to know that whatever we're giving it to is what we're voting for. Whatever we're giving our money to is what we're demanding. So when businesses come to COP27 they need to know that if you're not going to get us closer to 1.5. You are not going to be getting our money.”
ADDITIONAL RESOURCES:
Reference link: World Economic Forum
https://www.weforum.org/agenda/2022/11/what-happened-cop27-climate-change-what-is-next/
COP 27 Decisions: https://unfccc.int/cop27/auv
VIDEO Final Statement by Secretary General Antonio Guterres:
Youtube: UN Chief on the Closing of COP 27