COP 27: Week 1 Highlights & Articles
COP27, the UN Climate Change Conference, got underway on November 6th in Sharm El Sheikh, Egypt. The Conference, billed as “COP for Africa” will focus on climate action in Africa, climate finance, implement the Paris Agreement 2015, operationalize the recommendations of the Glasgow Conference 2021, and mobilize collective action on adaptation and mitigation actions. As is always the case, COP27 is taking place amidst a background of climate and political crises ranging from unprecedented floods in Asia and the drought in the Horn of Africa to the war in Ukraine and global energy & global food crises. As Just Security notes: “Despite a flurry of scientific reports on the need for immediate climate action, there is less fanfare and excitement for COP27 than during the runup to COP26 in Glasgow last year. Just 24 nations have submitted updated emissions reports, and we have not seen an uptick in bold climate pledges like we witnessed last year. And the war in Ukraine has disrupted global energy markets, making many nations rethink their relationship with fossil fuels and energy security more broadly.” That said, a number of climate solutions are on display: The Washington Post points to “homes built out of bamboo shoots.; zero-emission hydrogen fuels for cars and jets; small nuclear reactors to power Africa; restoring ocean mangroves to store carbon.
Here, for your convenience, are the themes for each day followed by week 1 highlights from a curated set of COP27 articles.
KEY THEMES - WEEK 2
Gender Day - November 14
Water Day - November 14
Action for Climate Empowerment (ACE) and Civil Society Day - November 15
Energy Day - November 15
Biodiversity Day - November 16
Solutions Day - November 17
JUST SECURITY
“COP 27: Four Key Questions to Ask”
“The annual climate Conference of Parties (COP27) in the Egyptian resort town of Sharm-el Sheikh is underway. Since the initial UN Framework Convention on Climate Change entered into force in 1994, nations from around the world have gathered annually to address the climate crisis. Each COP culminates with all 190+ nations (hopefully) signing a legally binding instrument to tackle the aptly-named “mother of all collective action problems.” The last true breakthrough COP occurred in Paris in 2015 with the signing of the Paris Agreement. Paris set the stage for each nation to submit nationally determined contributions (NDCs) of their greenhouse gas (GHG) emissions—public commitments that would “ratchet up” over time.
Despite a flurry of scientific reports on the need for immediate climate action, there is less fanfare and excitement for COP27 than during the runup to COP26 in Glasgow last year. Just 24 nations have submitted updated emissions reports, and we have not seen an uptick in bold climate pledges like we witnessed last year. And the war in Ukraine has disrupted global energy markets, making many nations rethink their relationship with fossil fuels and energy security more broadly.
But make no mistake—the climate negotiations occurring in Egypt are critical and represent the best international forum to address the climate crisis. Nations must…” (continue article here)
ATLANTIC COUNCIL
“COP 27: Week Readout: Week 1 Comes to a Close”
As COP27 reaches its midway point, technical discussions are set to gain speed in Week 2. The twin realities of an energy security crisis and the sweeping impacts of climate change on the developing world remain at the forefront of discussions throughout Sharm el Sheikh. The multi-stakeholder drive to surmount both challenges is drawing stronger linkages between climate action and energy security, opening new avenues for collaboration between governments, civil society, and industry.
US climate leadership is achieving legitimacy through action
Midterm elections at the start of COP27 served only to further energize a US delegation already operating with confidence following passage of the Inflation Reduction Act (IRA). President Biden, Speaker of the House Nancy Pelosi, Special Presidential Envoy for Climate John Kerry, the Director of the National Economic Council Brian Deese, and many others arrived in Egypt emphasizing an optimistic outlook for the energy transition in the United States, while underscoring the need to unlock “trillions” in private financing to replicate US momentum in the developing world. The steadfast presence of US congressional delegations from both sides of the aisle further reinforced America’s commitment to addressing the climate crisis.
As World Resources Institute’s Dan Lashof highlighted during a Global Energy Center “Ambitions for All” fireside chat, this should be seen as “COP1” for the United States—for the first time, US delegates have been capable of espousing domestic action as a model to the world. It is evident on the ground in Sharm el Sheikh that the escape velocity of the IRA and Infrastructure Investment and Jobs Act (IIJA) are helping to reinforce US credibility in negotiations and legitimizing conversations throughout COP27 about translating ambitions into action. The addition of cement industry to the First Movers Coalition, the proposed launch of a $15 billion USD Just Energy Transition Partnership (JETP) in Indonesia, and the informal reopening of US-China climate collaboration following a meeting between….” (continue article here)
WORLD ECONOMIC FORUM
News in brief: Top COP27 and climate change stories to read this week”
“Delegates from nearly 200 countries kicked off COP27 on 6 November with an agreement to discuss compensating poor nations for mounting damage linked to global warming, placing the controversial topic on the agenda for the first time since climate talks began decades ago.
United Nations Secretary-General António Guterres told countries gathered at the start of the COP27 summit in Egypt on 7 November they face a stark choice: work together now to cut emissions or condemn future generations to climate catastrophe. "Humanity has a choice: cooperate or perish,” Guterres told delegates. “We are on a highway to climate hell with our foot on the accelerator.”
It comes as the provisional 2022 State Of The Global Climate report, released by the UN World Meteorological Organization on 6 November, showed that the last eight years have been "the warmest on record, fuelled by ever-rising greenhouse gas concentrations".
Current international finance flowing to developing countries is between 5 and 10 times below what is needed, according to the UN Environment Programme's Adaptation Gap Report 2022. In 2020, just $29 billion from donor nations was set aside for helping poorer countries adapt to climate change – far below the…” (continue article here)
FOREIGN POLICY
“Africa’s ‘Shocking’ Climate Injustice”
“The United Nations’ climate change summit opened in the Red Sea resort of Sharm el-Sheikh, Egypt, on Sunday with a warning from the Egyptian foreign minister and COP27 president, Sameh Shoukry, that world leaders must recognize the “magnitude of the climate challenge” faced and address concerns around “backsliding” on financial pledges.
A flashpoint of COP27 is a demand that those who have contributed the most to the planet’s pollution pay the costs of the “loss and damage” caused and not only focus on curbing future impacts.
Africans are experiencing some of the worst weather events in a decade this year despite contributing the least to global carbon emissions at less than 4 percent. Devastating floods have destroyed food production across West Africa, including hundreds of thousands of acres of farmland in Nigeria. The worst drought in 40 years in East Africa has led to famine conditions for 50 million people, including nearly 8 million in Somalia.
Extreme heat and wildfires have ravaged North African countries. In July, temperatures in Tunisia’s capital, Tunis, reached 118 degrees Fahrenheit, breaking a 40-year record. Meanwhile, cyclones have wreaked havoc in Southern Africa since January, affecting thousands across Madagascar, Mozambique, and Malawi.
The climate chaos means the continent is losing up to 15 percent of gross domestic product per capita growth each year because of climate change, according to the African Development Bank. Paying for reconstruction is also more expensive because, with downgraded credit ratings, poorer nations pay more for borrowing.
Egypt and other African countries are demanding that..” (continue article here)
CNN
“Biden says US is back as a leader on fighting climate change”
“President Joe Biden on Friday used a short visit to the United Nations climate change summit in Egypt to tell the world the United States was ready to take back its leadership role on fighting a warming planet after the passage of one of the president’s key priorities.
In a speech to the United Nations COP27 summit, Biden proclaimed the US is back as a global leader on climate change following passage of the Inflation Reduction Act, which included around $370 billion in clean energy incentives meant to slash the use of harmful greenhouse gases.
“My friends, I came to the presidency determined to make … transformational changes that are needed, that America needs to make and we have to do for the rest of the world, to overcome decades of opposition and obstacles of progress on this issue alone,” Biden said, “to reestablish the United States as a trustworthy and committee global leader on climate. As I stand here before you, we’ve taken enormous strides to achieve that.
Biden added that other nations must similarly raise to the challenge.
“To permanently bend the emissions curve, every nation has needs to step up,” he said. “At this gathering, we must renew and raise our climate ambitions. The United States is acting. Everyone has to act. It’s a duty and responsibility of global leadership.”
Biden arrived Friday to the climate summit underway in an Egyptian Red Sea resort eager to…” (continue article here)
FUNDS EUROPE
“COP27 wish list and a look into COP15”
Victoria Leggett, head of impact investing at Union Bancaire Privee (UBP), this week presented a wish list for COP27 and COP15, pushing for robust implementation of frameworks produced during the conferences.
Leggett said that, amid the biodiversity and climate crises, COP27 and COP15 occurring in the same month “highlights” the interlinked nature of the climate crisis.
“We have made significant progress with climate in terms of targets, disclosure and acceptance of what must be done,” she commented.
However, Leggett noted that the world is “significantly” behind with its environmental goals and stressed the need to develop a nature-positive economy alongside climate-positive to reach net zero by 2050.
Wish list for COP27:
1) Ending fossil fuel subsidies
With implementation being high on the agenda of COP27, Leggett hoped that the issue of fossil fuel subsidies would take centre stage with the introduction of a phase-out plan.
2) Climate Finance: $100 billion at last
The target of raising $100 billion per year from developed countries to address climate change is a “historic promise” that has been reneged, stated Leggett, that could find a resolution at COP27. IMF estimates that low- and middle-income countries will need $2.5 trillion of external financing by 2030. “We think there is a reasonable probability of success on that front,” she added, in the goal of meeting the $100 billion commitment in the near term.
3) Global solidarity
The issue of loss and damages is also high on the agenda. “As investors, this is not our area of focus,” remarked Leggett. “Still, we recognise that any show of global solidarity on that front is key to mobilising a majority of countries, particularly among…” (continue article here)
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