We are already preparing COP27: will it be more productive than the previous one?

The previous United Nations Climate Change Conference focused on countries’ commitment to avoid catastrophic climate change 2021 was an unprecedented year of climate disasters, but also of action against climate change. COP26 was held in Glasgow from 31 October to 12 November and was attended by more than 120 international leaders and representatives from 200 countries.

The 2022 United Nations Climate Change Conference will be the 27th summit to be held this time in Sharm el-Sheikh, Egypt. The exact date of COP27 (probably November 2022) is still unknown, but it will work to make the conference “a radical turning point in international climate efforts in coordination with all parties, for the benefit of Africa and the entire world.”

What does this mean?

COP27 aims to fight for compensation for the losses and damages suffered by countries affected by climate change. Advancing the contentious issue of loss and damage, which poor nations say they owe them for accumulated damage, is another task that remains unresolved.

Vulnerable countries and communities are already suffering severe loss and damage to lives, livelihoods, crops and infrastructure caused by the inevitable effects of climate change. It is a reality that all those communities that contribute the least to global emissions – the Horn of Africa, which includes Ethiopia, Kenya and parts of Somalia, is currently experiencing the most severe drought in 40 years – face the worst consequences and do not always have the resources to cope.

“Every delay in preventing warming above 1.5 degrees has real economic costs”

Extreme weather events such as heat waves, droughts, floods, cyclones or fires are occurring with greater frequency and severity and, in Africa, it is affecting the health of the population, natural ecosystems, as well as social, economic and environmental problems.

The world’s poorest nations must be able to cope with this climate emergency and this summit will seek to raise money so that developing nations can do their part. Currently, there is no global funding mechanism to support the recovery of the losses and damages suffered by these people.

“Every delay in preventing warming above 1.5 degrees has real economic costs that are wiping out the potential for real economic growth in Africa and has an impact on people’s lives… African countries will lose about 5% of GDP due to climate change.” “African countries are already spending up to 9% of their GDP on responding to climate-related disasters,” said Jean-Paul Adam, Director of Technology, Climate Change and Natural Resource Management at the United Nations Economic Commission for Africa (UNECA).

2022 could be the year that makes a difference

For all its relative failures, COP26 emphasized that both private and public financing are equally necessary to finance technology for a low-carbon economy. The need for climate action will increase with the passing of the months, so it appears as an obligatory option a regulation, voluntary action and technological innovation by companies while balancing business strategies in the short and long term. Companies will, presumably, increasingly engage with climate action to gain stakeholder approval, driving a competitive advantage.

The objectives of COP27

• Deliver $100 billion a year to help developing countries mitigate and adapt to the effects of climate change.

• The creation of a loss and damage fund and the mobilization of financing.

• New commitments and implementation of existing ones to limit global warming to below 2°C by the end of the century.

At COP26, this discussion on loss and damage gained momentum, and Scotland became the first country to contribute (with around €2.5 million) to loss and damage financing for developing countries.

The intention is for 2022 to follow Scotland’s lead and more countries to come together to help developing countries cope with the aftermath of the climate crisis. At the moment, it is something that has not been fulfilled either in 2020, nor in 2021. The impossibility of reaching an agreement on funding was cited as one of the main disappointments of the COP26 conference.

So far, the only country besides Scotland that has publicly promised to update its commitment under the Paris Agreement is Egypt. Germany, for its part, has put the issue on the agenda of the G7 this year, as the head of the presidency.

Source: The Confidential