Ahead of the COP27 in Sharm El-Sheikh, Egypt, we look at what to expect from the summit. Here are some key points to watch, including the Goal for developed countries to mobilize USD 100 billion per year, multi-stakeholder partnerships, and lessons from the Glasgow COP26.
Goal for developed countries to mobilise USD 100 billion per year
Developed countries are a key part of the climate change mitigation effort and have committed to mobilising at least USD 100 billion per year over the next five years. But the developed countries have not reached this target and are blaming it on the lack of enabling environments in their own countries. They welcome the efforts of developing countries in meeting this goal.
To achieve this goal, developed countries must commit to implementing a financial mechanism that will ensure that they continue to support climate action in developing countries. In Cancun, developed countries committed to mobilize USD 100 billion per year for climate action, and in Paris, developed countries committed to transparency on its implementation. Since 2015, the OECD has been tracking progress towards this goal. Its accounting framework aligns with the Paris Agreement on climate finance and other financial instruments.
The final decision made by COP27 is a win for developing countries. The decision also sets a process for reviewing the delivery of the $100 billion target set by developed countries. It was an uphill battle, but developing countries are grateful for the decision.
The developed countries have pledged to mobilise USD 100 billion per year by 2020 to support climate action in developing countries. They also pledged to double their annual climate adaptation funding to USD 40 billion per year by 2025.
Multi-stakeholder partnerships at COP27
Multi-stakeholder partnerships have the potential to unlock positive impacts on business, the environment, and society. They foster a deeper understanding of stakeholder obligations and demonstrate a genuine commitment to corporate social responsibility. Here are some examples of multi-stakeholder partnerships that will be featured at the COP27 conference:
The UN Oceans side event will bring together stakeholders from different sectors to share their work on ocean-climate action and engage policymakers. It is organised in partnership with UN-DOALOS and is part of the Conference’s official programme. It aims to highlight the importance of partnerships in climate adaptation and mitigation, as well as in conserving and restoring blue carbon ecosystems. The event will also look at how these ecosystems can support the livelihoods of coastal communities.
At COP26, the COP saw a series of unprecedented multi-stakeholder partnerships, including a partnership between 12 of the world’s largest agri-companies. The partnership aims to halt deforestation from commodity production in line with the 1.5degC pathway. Implementation of such partnerships is expected to be a key focus at the COP27. A new initiative called the FAST global flagship initiative is expected to deliver triple wins for nature, climate, and people.
Multi-stakeholder partnerships will be critical in closing the gap between ambition and action, and COP27 will be an opportunity to make progress on this goal. With so many global businesses participating in climate action, this is a historic moment to unlock public-private co-operation for effective climate action.
Glasgow COP26 lessons for COP27
Lessons from the Glasgow COP26 climate conference are not all about politics. The COP is also an opportunity to address urgent issues facing humanity. Climate change is forcing governments to take action. It is already starting to affect the health of our planet. The global community has to take action if we hope to prevent the most devastating impacts of climate change.
The Paris Agreement, signed by 196 countries, is a legally binding agreement on global warming. It requires countries to keep their emissions below 2 degrees Celsius. It is intended to be reviewed every five years with new goals. It is vital that we continue to implement the promises made in Glasgow.
The UNFCCC was established in 1994 and is the body responsible for combating global warming. The UNFCCC holds COPs every year. The 26th COP will be held in Glasgow from the 1st-12th of November 2021. This will be the largest climate change conference hosted by the UK. The COP26 was originally scheduled to take place in November 2020, but a worldwide coronavirus outbreak postponed it. Glasgow will host the conference for the first time, making it a unique opportunity for the Commonwealth.
The 27th Conference of the Parties (COP27) is set to take place in Sharm el-Sheikh, Egypt. It will bring together representatives of all the UNFCCC signatories to discuss new strategies for combating the climate crisis. The COP27 process is crucial for the planet’s future.
UNEP’s role at COP27
UNEP’s role at COP27 is to promote action to combat climate change and encourage global partnerships that are taking climate action. The organization will host panels, speeches, and side events, and will be live-streaming events for a wider audience. Among other things, the organization will be launching its latest reports, such as the Emissions Gap report and Adaptation Gap report.
The conference is the largest annual climate action meeting, and will be held in Sharm El-Sheikh, Egypt. The conference builds on the results of COP26 and will focus on urgently reducing greenhouse gas emissions, building resilience, and coping with climate change impacts. But UNEP is preparing to take the next step.
UNEP is working to improve climate change communication and education, and will launch a Massive Open Online Course in partnership with the Partnership for Environment and Disaster Risk Reduction. It will be designed to help policymakers, practitioners, and youth learn about nature-based solutions for climate change. It will also provide information on technical assistance that is needed to combat climate change.
In addition to its role in addressing climate change, UNEP will host a high-level side event to advance its goals in sustainable transport. This event will discuss progress made since COP26, which will include the transition to electric vehicles (ZEVs). It will also launch the Accelerating to Zero Coalition, which is supported by the Drive Electric Campaign. It will also showcase new actions from sub-nationals, countries, and non-state actors in climate action.
Copenhagen’s commitment to COP27
There is a lot at stake at the COP27 climate change summit. The world’s top 20 economies are responsible for 80 percent of global emissions, but many developing countries have ambitious goals. They are counting on the developed nations to follow suit. At the same time, citizens from around the world are reminding world leaders what’s at stake and asking for action.
In Copenhagen, world leaders agreed to set up a climate finance facility. The goal is to help developing countries deal with the costs of extreme weather events, which have become more frequent and intense due to climate change. Denmark has already committed to donate $13 million to developing nations. But even this is a drop in the bucket compared to damages that can run into the billions.
Developing countries are expected to press developed countries to make good on their climate finance promises. They want the wealthy nations to commit $100 billion per year to poor countries by 2020. This goal has been elusive, but there’s still some time to turn the situation around. This will likely be one of the top COP27 themes.
The climate talks are conducted between negotiators, including government ministers and observers. They determine what countries should do to cut their greenhouse gas emissions. This is known as the “nationally determined contribution.” These contributions are reviewed every five years and may have to be adjusted if necessary. This is a key step in a global effort to combat climate change.
