COP27 Updates Week 1

The latest news and insights from the UN Climate Conference COP27 in Egypt taking place between 7 – 18 November 2022

Mobilising the Private Sector for Climate Action

At the Mobilising the Private Sector for Climate Action panel today, Austrian Minister for Climate Action, Gertraud Wollansky, explained that organisations in the private sector need political signals from the The UN Climate Change and their own governments to support their investments in climate aligned projects. Gaining this support will be how we bring the 1.5 degrees commitment to the ground and will accelerate the flow of private capital into sustainable investments.

Nov 10, 11:36

Scientists highlight 10 essential climate science insights for 2022

Today at COP27, a report is launched that highlights ten essential insights on climate change since 2021.

Written by Future Earth, The Earth League, and the World Climate Research Programme with 65 leading researchers across 23 countries the 10 insights are:

  1. Questioning the myth of endless adaptation
  2. Vulnerability hotspots cluster in regions at risk
  3. New threats on the horizon from climate health interactions
  4. Climate mobility: from evidence to anticipatory action
  5. Human security requires climate security
  6. Sustainable land use is essential to meeting climate targets
  7. Private sustainable finance practices are failing to catalyse deep transitions
  8. Loss and damage: the urgent planetary imperative
  9. Inclusive decision-making for climate resilient development
  10. Breaking down structural barriers and unsustainable lock-ins

In summarising the report at COP27, Johan Rockström – Director of the Potsdam Institute for Climate Impact Research. “If you take the first four insights together that we are reaching limits of adaptation, there are climate health impacts, a larger risk of climate mobility, rising evidence that if we want to have a secure and peaceful future, we need to address climate change very rapidly. This is something that is at the forefront. Even conflicts being triggered are amplified by the risks of climate change.”

Nov 10, 12:38

Together4Transparency – Achievements and Outlook

In this round table discussion Ovais Sarmad (UNFCCC Deputy Executive Secretary) reiterated that transparency is the back bone of the Paris Agreement and that it ensures credibility and integrity of action and that without it, we are left to act blindly.

For Pär Stenmark (Chief Sustainability Officer, IKEA) is about sharing both successes and failures and sharing learnings for the rest of the world; being genuine and vulnerable can build trust.

Raquel Moses (High-Level Climate Ambassador, CEO Caribbean Climate Smart Accelerator) thinks transparency is a carrot. Working towards net zero “should be the Olympic of all Olympics” with everyone wanting to win the race. Seeing who is at the centre of excellence and inspiring others.

Bogolo Kenewendo (Africa Director, Special Advisor to High-Level Champion) sees that transparency is making good on promises and bringing people together. Not just about sustainability but about development. About knowing where you have come from and where you are going to.

Nisreen Elsaim (UN Secretary-General Youth Advisory Group on Climate Change) sees transparency as being “see through” and that we need to be able to see through governments and business. She poses the question about “why we are not ready to be transparent” and that in the judgmental communities we live in, the private sector gets accused of greenwashing (whether they are or are not) when they are being transparent.

Nov 10, 16:47

The impacts of Loss and Damage

At today’s Beyond dialoguing to Action and Support to avert, minimize and address Loss And Damage panel at COP27, Climate Expert Saleemul Huq, explains how we need new finance for Loss and Damage. He discusses the impact climate change has on extreme weather, saying, “people are already paying, the victims of climate change are paying in billions.”

There were also discussions around having empathy for the vulnerable countries and the people that extreme weather is affecting. As some of the richer countries are now experiences their own signs of weather change, people are becoming more conscious of the impact this can have on communities. The need for richer countries to contribute to the loss and damage of developing countries is to help people and populations recover.

One of the big take aways from the panel is that countries need to trust each other.

Nov 10, 17:17

UK announced £65m clean energy investment

At today’s COP27, the UK’s Business Secretary, Grant Shapps, announced that the UK Government will be investing £65 million to speed up the development of new green technologies.

The UK government said the projects would help expand a global market in clean energy technologies, making them more accessible and affordable to developing countries and enabling UK companies to share their talent and expertise.

Shapps said, “Green means growth, and with our existing talents in clean technologies, UK businesses could be world leaders in an industry that will only expand, creating jobs for generations to come while also protecting our precious planet,”

Nov 11, 14:51

President Biden at COP27

Today President Biden arrived at Egypt for his talk at COP27, he started by discussing the impacts climate change has had on the world. He discussed the Inflation Reduction Act which was passed by congress this Summer, which will invest $368bn to support clean electricity.

The President went on to say; “Today, I can stand as president of the US and say with confidence we will meet our emission reduction targets by 2030.”

He then announced the US will invest $100m in adaptation. Which will support early warning signs in Africa, food security and a new training centre in Egypt to support the continent with the transition to renewables.

President Biden talked about the US’ updated methane reduction plan which will see the country reduce methane emissions by 87% below 2005 levels by 2030. He also announced £550m to help Egypt’s transition to green energy.

The President, wrapped up his talk by saying; “If we are to win this fight, we can no longer plead ignorance to consequence of actions and repeat our mistakes.”

Nov 11, 16:13

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