The much-awaited climate summit, COP27, is hoped to mark a significant turning point for multistakeholder initiatives and alliances on the five crucial themes – nature, food, water, industry decarbonization, and climate adaptation.
To be held in the Egyptian coastal city of Sharm El-Sheikh from November 6 to 18, this year’s UN Climate Conference is set to take place against a backdrop of extreme weather events occurring all over the world, an energy crisis fueled by the conflict in Ukraine, and scientific evidence that the world is not doing enough to combat carbon emissions and safeguard the planet’s future.
Whether leaders will follow through on their promise to provide COP27 with a “down payment” on climate solutions that are proportional to the magnitude of the problem is to be seen.
Last year’s COP26, which marked five years since the signing of the Paris Agreement culminated in the Glasgow Climate Pact, which kept the goal of curbing global warming to 1.5 degrees Celsius alive.
At COP26 countries agreed to deliver stronger commitments this year, including updated national plans with more ambitious targets. However, only 23 out of 193 countries have submitted their plans to the UN so far.
Glasgow also saw many pledges made regarding net-zero commitments, forests protection and climate finance, among many other issues.
According to the Presidential vision statement, COP27 aims to move beyond discussions and “plan for implementation” for these commitments. Egypt has demanded extensive, swift, all-inclusive, and coordinated ground action.
The COP27 Presidency anticipates nations will track and evaluate their advancements in boosting resilience and assisting the most vulnerable areas. This entails that countries increase the level of depth and ambition of their pledges in the adaptation sections of their national climate plans.
Climate finance will take center stage at this year’s summit, with numerous financial-related meetings already scheduled. Developing nations are clamoring for developed countries to provide substantial and adequate financial support, especially to the most vulnerable.
The COP27 conversations will lay the groundwork for the first Global Stocktake at COP28, which will evaluate the aggregate progress made by all nations in 2023 regarding mitigation, adaptation, and ways to carry out the Paris Agreement.
FastCompany’s World Changing Ideas comes to the Middle East on 23 November, 2022. Click here to know more.
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