The 2022 United Nations Climate Change Conference, more commonly referred to as Conference of the Parties of the UNFCCC, or COP27, is the 27th United Nations Climate Change Conference and is being held from 6 November until 18 November 2022 in Sharm El Sheikh, Egypt.
According to the IPCC, 3.3 to 3.6 billion people live in climate-vulnerable areas, and 132 million more are anticipated to live in extreme poverty by 2030. Global leaders assembled for COP 27 in Egypt with the onus on them to deliver on prior commitments and hasten climate change action. It’s time to follow through on pledges.
Before we further move on, let’s have a look at some of the catastrophic events to experience the depth of the global situation: –
· Covid-19, China, and all over the world – 2019-2020
· Volcano Eruption, Philippines – 2020
· Earthquakes, China-India-Iran-Philippines-Russia-Turkey-The Caribbean – 2020
· Swarms of Locusts, Asia-East Africa-India-Middle East – 2020
· Assam Floods, India – 2020
· Green Snow, Antarctica – 2020
· Forest Fires, Uttarakhand (India) – 2020
Antarctica evokes images of white glaciers, snow, penguins, seals, and more. Climate change and snow algae growth are turning sections of Antarctica green. The world has seen category 5 hurricanes, wildfires in Australia, cyclones around the world, COVID-19, and many more disastrous events.
Variations in the weather and climate patterns can pose a threat to human life. Extreme heat can be one of the most lethal aspects of the weather. Hurricanes are growing more powerful and destructive because of rising ocean temperatures, which can result in deaths both directly and indirectly. Due to the dry weather, there have been an increased number of wildfires, which pose significant health hazards.
While we acknowledge these events, below are also some of the questions that come to my mind: –
- Who is responsible for all these? Is it the act of God?
- Are governments around the world doing anything about these?
- Are people taking conscious steps to change the way they live?
- What are the responsibilities of the private sector?
- What are the roles of NGOs and social/climate activists?
- What roles do investment agencies play to support various projects in climate mitigation, adaptation, or resilience?
And there is more to it.
COP27 will cover the ambition and aspiration for climate solutions, climate finance, adaptation, and loss and damage. The summit offers a chance to reflect on progress made and focus on actual results.
- COP27 should address stringent sectoral decarbonization targets, especially in the transportation and industrial energy usage.
- An important outcome will be a 1.5-degree Celsius and Paris Agreement-aligned 2035 global emissions reduction goal and an aggressive decarbonization plan.
- The parties should also promote a just transition to a net zero economy, with a fossil fuel phase-out and shift to renewable energy, energy efficiency, and clean technological solutions.
Developed countries must fulfill their $100 billion annual financing pledge to stimulate decarbonization in the Global South and restore climate negotiations’ credibility. It’s time to implement and scale up financial, technological, and capacity-building aid in the coming years.
COP26 established measures to help nations meet their NDCs under Article 6 of the Paris Agreement. COP27 leaders must establish a market mechanism with environmental integrity and transparency to enable global carbon pricing that can attract investments for carbon reduction and adaptation. Previous UN climate discussions were slow, difficult, and unproductive, activists said. Can this year’s COP27 in Egypt rise above prior failures to keep global temperatures below 2 degrees Celsius, or is it doomed to fail?
Business Opportunities:
Sustainability focuses on the long-term, leaving people and the earth better than today. Sustainability incorporates economic, social, and environmental factors, making the endeavor hard. Sustainability needs business, investor, and government coordination.
The UN Sustainable Development Goals might cost $10 trillion. Food waste costs $1 trillion annually and generates 3.3 billion tonnes of CO2 equivalent. After Covid-19, unemployment reached all-time highs in some #OECD nations, and structural unemployment is anticipated to rise. Sustainability boosts customer engagement, talent retention, market potential, and finance availability. Businesses can’t ignore it when creating value, investors are allocating resources accordingly, and governments should embrace investment regulations. Profit will be made from sustainability if environmental and social problems are solved, not externalized. The new paradigm is closer than ever.
