What can businesses expect from COP27?
COP27 is a chance for politicians, businesses and national governments to come together and discuss important topics such as financial aspects, planning and fossil fuel updates within the energy industry. There is so much happening, but what can your business expect from COP27?
What is COP27?
COP27 takes place every year and will bring together around 200 countries to showcase their plans to help reduce their carbon emissions. This year is the 27th occurrence of the parties of the United Nations Framework Convention on Climate Change (UNFCCC), therefore it is referred to as COP27. The main aim of COP27 is for everyone to work together to reduce our carbon footprint.
Where will COP27 be held?
This year COP27 will be held in Sharm El- Sheikh, Egypt between the 6-18th November 2022.
Discussions of climate finance
Financing climate action is essential in order to reach the net zero goal, which can prove challenging for developing nations, amidst a global energy crisis and social unrest.
COP27 focuses on helping developing countries access climate finance such as the Green Climate Fund (GCF), the Adaptation Fund (AF) and the Global Environment Facility (GEF).
Trustingly this year, the EU and US should finally be able to increase climate finance and help poorer nations by endorsing the $100bn as originally promised.
Global emissions-reduction targets
The main aims for COP26 last year were to work together to deliver, mobilise finances, protect communities and natural habitats, secure net zero by 2050 and keep the temperature at 1.5 degrees.
Whilst most businesses are doing all they can to implement these changes, we still have a long way to go with achieving some of these goals.
Carbon credits, which can also be referred to as carbon ‘offsets’, are a hugely important topic for COP27 and the role they have with each nation involved. These credits enable companies to aim for a lower-carbon future.
Last year for COP26, there was a lot of discussion around the long-term goals set out for carbon markets helping countries meet their Nationally Determined Contributions (NDCs) for the Paris Agreement. The NDC’s ultimately make sure that each country reduces emissions and change the way their country is run and the effects they have on climate change.
According to the International Emissions Trading Association, trading in carbon credits could save counties up to $250 bn by 2030. However, there is fear around whether countries will focus on their energy transition efforts on purchasing credits, instead of working to eliminate their emissions.
We must act urgently
Businesses, investors, regions and cities around the globe have joined the Race to Resilience, and all are committed to building a resilient future.
The Russia – Ukraine war and COVID 19 have been major news topics for quite some time now and with other distractions in the media, the climate change topic has taken a back seat because of this. But now is the time that we need to prioritise nature. If we do not act now and make a change, future generations will see some detrimental effects.
We need to work together to deliver the goals set out for COP27. The goals don’t work unless we all come together from all over the globe to help implement these changes. This will determine how successful we are.
SystemsLink experts can help with all your energy management, procurement and accounting needs via our UNIFY hub. It offers a growing range of applications to help energy consultants and end users manage their energy needs and achieve net zero.
Alternatively, stay tuned and we’ll keep you up to date with everything that is going on with the COP27 UN conference.