What to expect from COP27: Goals and Visions

Recap of COP26

The four main goals outlined prior to last year’s climate conference (COP26) were:

1. Securing Net Zero by mid-century on a global scale, keeping 1.5C degrees within reach.
2. Ensuring adaptation to protect communities and natural habitats.
3. Mobilisation of £100 billion per year for climate finance.
4. Collaborating to deliver, finalising the Paris Rulebook andaccelerating action against the climate crisis.

As a result of last year’s COP26, the most notable and significant outcomes were the signature of the

 Glasgow Climate Pact and agreement on the practical actions to get the Paris Rulebook (also known as the Paris Agreement) up and running.

The agreed Pact sets out what needs to be done to tackle climate change and to stop global warming beyond 1.5C degrees. However, it isn’t legally binding and doesn’t outline what countries must do on an individual basis.

Attendees of COP26 agreed to strengthen their commitments during 2022, which would include updates to national plans with progressive targets. Despite these agreements only 23 out of 193 countries have successfully submitted plans to the UN so far – creating pressure for the upcoming COP beginning on the 6^th of November.

Understanding the presidency vision and targets?

So, as COP27 gets underway this Sunday we have summarised the key points from the Presidency Vision which outlines the main focus for this year’s Climate Conference and what needs to be achieved to turn ambition into action.

The overriding vision from Egypt’s COP27 presidency is “to move from negotiations and planning to implementation” stressing that “now is the time for action on the ground.”

Vision

To successfully achieve positive progress on every item included in the negotiations, using the fundamental rules and principles that guide the shared responsibility between countries to reduce climate change and the impacts.

Ensuring the delivery of a purposeful Mitigation Work Program as well as making significant progress on the Global Goal on Adaptation. In addition to this, address the Loss and Damage deficit by identifying a steady solution to the issue around funding.

Effectively approach the climate finance challenge to create a trustworthy process, and relieve any concerns from developing countries about their requirement to contribute without any support.

Ensure the work is based off the reliable and valid science from the IPCC and other relevant reports, which have continued to highlight the need for immediate action on the gaps that exist – relating to mitigation, adaptation and climate finance.

Finally, to make sure no country or group is left behind, so building on mutual trust and understanding the global nature of climate change which omits the need for collective, complementary, and collaborative action.

Targets

1. Switching from pledging to implementation at scale and on time, aligned with the Paris work streams and Glasgow
2. Delivering on adaptation - a remodelled adaptation agenda is required now.
3. Action to clarify support for loss and damage, in particular those most vulnerable to the impacts of climate change.
4. Making finance flows a reality. Providing, mobilising, and delivering climate finance for developing countries, making appropriate financial flows based on needs identified through NDCs.
5. Ensuring a managed and just transition, to deliver the agreed transition to an economic model based on low emission and climate resilient development as envisaged in Paris Agreement and the enhanced action identified in Glasgow. Avoid backtracking on commitments and pledges despite recent challenges and crises in particular the energy crisis. Leadership must continue, where pledges and commitments are confirmed and even enhanced.

Trident will be following updates from COP 27 over the coming weeks and will be posting coverage on our social media and website. Follow along on our company LinkedIn page

Sources: https://www.unep.org/news-and-stories/story/world-headed-climate-catastrophe-without-urgent-action-un-secretary-general 

https://cop27.eg/#/presidency

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