The 27th Conference of the Parties to the UNFCCC – also known as COP27 – was held in Egypt from November 6th to 18th. Bruna Mascotte, senior partner at Catavento, attended the event in-person, but the entire team closely followed the announcements and high-level panels.
Based in a African country, one of the main objectives of the Conference was to bring the perspective of developing countries to the spotlight, which includes losses and damages and financing.
The final text of COP27 recognized the current energy crisis, which increased the use of coal in Europe and Asia and the demand for African natural gas, should lead to an increase in global emissions of 1% in 2022, as well as an acceleration of the energy transition. Additionally, it has announced the establishment of a loss and damage fund, although guidelines are yet to be defined until COP28.
Financing was a central topic at this year’s COP. Developed economies fell short of their target of providing US$ 100 billion in climate finance for mitigation and adaptation to developing and emerging countries. Updated estimates say the figure needed by 2030 is US$ 1 trillion. However, there are reasons for optimism, such as the commitments made under the “Just Energy Transition Partnerships” for South Africa of US$ 8.5 billion and US$ 20 billion for Indonesia to finance their transition from coal and scale renewable energy.
Despite data updated on COP27’s eve showing a 12% increase in Brazilian GHG emissions in 2021 vs. 2020, the presence of the president-elect reinforced that Brazil would be back on the global climate agenda. His speech also commited to ending deforestation, creating the Ministry of Indigenous Peoples, resuming the Amazon Fund’s acitivites and reinforced the need for increased climate finance from developed economies.
Download below the COP27 analyzes made by Catavento by clicking on the links or images:
COP27 – Conference key takeaways
COP27 – 1st week key takeaways
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