by Mehmet Çakmak
*This is a part of our ESG article series prepared in partnership with Corpera Consulting and ACE Consultancy.
The world’s largest attended climate change conference, COP27, started on 6 November 2022. The agenda of COP27, held in Sharm el-Sheikh, Egypt, is clear: Climate justice and loss-harm mechanisms. World leaders are coming together to discuss actions to combat the climate crisis at the 27th United Nations (UN) Climate Summit (COP27).
The most important agenda item in the world’s largest climate change conference for the last few years is that developed countries accept their responsibilities in the climate crisis and undertake the financing of losses and damages in less developed countries. In this year’s COP, too, the crises that underdeveloped countries have fallen into due to climate change, climate injustice and the provision of climate compensation will be the biggest agenda item of the activists.
So, what is COP27 and why is it important?
The UN climate summits are an annual conference that brings together world leaders to limit global temperature rise. These summits are called the Conference of the Parties (COP). Countries that signed the first UN climate agreement in 1992 attend the summits. COP27, the 27th of these summits, will take place from 6 to 18 November in Sharm El Sheikh, Egypt.
COP27 is important in that it is an event where climate change and its consequences are discussed with global participation – world leaders, experts, international organizations, civil society and media – and guiding countries to act together.
The summit is called the “African COP” because it is held in Egypt and the countries most affected by climate disasters are located in this continent, and the issues to be discussed are expected to reflect the sensitivities of the region and developing countries. Today, 17 million people in East Africa face food insecurity linked to the climate crisis. Climate finance, loss and harm and adaptation are expected to come to the fore at the summit. All of these are critical items for countries that are crushed by the devastating power of the climate crisis. Reports and studies show that we are far from the 1.5 degrees or even 2 degrees target of the Paris Agreement.
What will be on the agenda at COP27?
COP27 will focus on three different issues:
- Reducing emissions
- Supporting countries to prepare for and combat climate change
- Providing technical support and financing to developing countries for these activities
Some issues that did not reach a conclusion at COP26 will be brought up again:
- Loss and damage financing
- Establishing a global carbon market – pricing the effects of emissions on products and services globally
- Strengthen commitments to reduce coal use
There will also be themed days of focused talks and announcements on topics such as gender equality, agriculture and biodiversity.
We will be sharing important developments with you throughout the conference.
Corpera Consulting and ACE Consultancy has a strategic ESG consultancy partnership. With Corpera’s industry leading social and governance management consultancy and ACE’s world-class environmental consulting services, we offer unique, all-encompassing solutions for investors and issuers navigating the intricacies of ESG consultancy.