November 6, 2022 kicks off another round of climate negotiations by the Conference of the Parties to the UNFCCC in Sharm El-Sheikh, Egypt to emphasize the extreme impacts climate change has made on the African continent. Considering this year has faced severe, record-breaking temperatures worldwide including deaths and food shortages in many regions, people across the globe have been waiting ardently for COP27.
As we hope to see negotiations become regulations and as CSRD measures come into effect next year, COP27 will be the defining climate summit of the year. If you're interested in what's to be negotiated, then stay tuned.
Beginning in Berlin in 1995, the Conference of the Parties has met every year with the exception of 2020, to bring representatives from signatory countries together for a climate summit. The UN has named COP the "supreme decision-making body" of the United Nations Framework Convention on Climate Change (UNFCCC).
COP27 will focus on a diverse set of key topics due to climate disasters that have displaced people and caused thousands of deaths, animal extinction, food shortages, and sea level rises, this year. COP27 is also an important event for businesses and organizations around the world as new regulations and carbon mitigation strategies will be discussed at the conference.
While anticipating the biggest climate conference in the world in a record-breaking weather and post-pandemic year, what can we expect from the Sharm El-Sheikh negotiations?
The Presidency Vision of Thematic Days highlights the following topics and more. For a comprehensive list, you can find The Presidency Vision full program here.
The upside of COP26 was that 46 nations committed to phasing out domestic coal while many more emphasized the importance of ending finance towards fossil fuels, getting rid of internal combustion engines, and stopping reverse forest loss. Since then, we have seen carbon-intensive stocks decline, coal-burning plants shut down, and movements all over the world by citizens threatened by climate change demanding that businesses stop burning fossil fuels.
Finance was also a topic of COP26, being recognized as a catalyst for transitioning into a green economy. Polluting business models are getting phased out as net zero business models continue to grow successfully. Every year, climate finance has continued to rise and is projected to keep increasing.
The Glasgow Climate Pact was the primary result of COP26. The goal of this pact is for nations to advance climate action in the 20s by making the decision to abide by The Paris Agreement. One of their goals is to cut carbon emissions as a collective by 45% this decade. They also agreed on The Paris Rulebook containing the operational implementation of The Paris Agreement.
"New IEA analysis of the latest data from around the world shows that these CO2 emissions are on course to increase by close to 300 million tonnes in 2022 to 33.8 billion tonnes – a far smaller rise than their jump of nearly 2 billion tonnes in 2021, which resulted from the rapid global recovery from the economic crisis triggered by the pandemic. This year’s increase is driven by power generation and by the aviation sector, as air travel rebounds from pandemic lows.
The rise in global CO2 emissions this year would be much larger – more than tripling to reach close to 1 billion tonnes – were it not for the major deployments of renewable energy technologies and electric vehicles (EVs) around the world."
We can read the news but seeing measurable accomplishments that are steadier than changing speculations are more important. We anticipate that this year's round of talks will catalyze a more carbon-neutral mindset so governments and businesses can collectively unchain the full potential of the objectives pledged and the technology we now have to achieve them.
No matter what happens as a result of COP27, carbon neutrality begins with us, period. If we wait for government regulations to take place and put our plans in motion then, we've waited too long. The tools are available now therefore, there is no reason not to start measuring your carbon footprint today. Net0 has disrupted the complexities and enigmas of traditional carbon accounting methods with artificial intelligence that is precise with every step. We must adopt a net zero business model consciously, to make a change.
Please read our following articles to help support you in your journey towards being the change for good:
• GHG Reporting: Everything You Need to Know
• Carbon Emissions and Mitigation Strategies
• 10 Reasons Net0 Is the Best Carbon Accounting Platform
• What Are Scope 1, 2, and 3 Emissions?
• Carbon Emissions in the Atmosphere and the Methods of Abating Emissions
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Cover photo: COP27 Facebook