The 27th Conference of the Parties of the UNFCCC – also known as COP27 – was held in Egypt between November 6th and 18th 2022. Bruna Mascotte, Catavento’s senior partner, attended the Conference in person, but the whole team was closely monitoring the announcements, negotiations and high-level panels. Check below the main takeaways and download our summaries:
1. Global efforts are far from being enough to tackle the climate crisis. 2030 targets still lead to +2.4 – 2.7°C average temperature rise above pre-industrial levels. Optimal scenarios indicate a +1.8 °C temperature increase by 2100, still above the target of +1.5 °C – “We are on a highway to climate hell with our foot on the accelerator” (Antonio Guterres, UN Secretary-General);
2. The African COP agrees on a loss and damages’ fund, with clear guidelines yet to be defined, while adaptation and climate justice are increasingly part of the discussions – “We were the ones whose blood, sweat and tears financed the industrial revolution. Are we now to pay the cost as a result of those GHG from the industrial revolution?” (Mia Mottley, Prime Minister of Barbados);
3. Climate financing for emerging markets was a hot topic and the private sector was called up to contribute more, including through an innovative role for multilateral and development banks;
4. The final agreement recognizes that the energy crisis urges a faster deployment of renewable energy, but did not commit to a phase out of fossil fuels. The O&G sector was invited for the official discussions but was still subject to great scrutiny;
5. Nature-based solutions are recognized as part of climate mitigation efforts, while Brazil is back in the global climate fight.
Download Catavento’s summaries of COP27 by clicking on the links or images below:
Photo: Peter Dejong/AP