With over 35,000 participants around the world, the COP27 conference last week marked the 30th anniversary of the adoption of the United Nations Framework Convention on Climate Change. Our ESG & sustainability team produced daily updates from COP27, collated in a handy report.
Article cover

The hosting of COP27 in the green city of Sharm El-Sheikh (Egypt) marked the 30th anniversary of the adoption of the United Nations Framework Convention on Climate Change. From 6 to 20 November, COP27 held events, negotiations, and press conferences, hosting more than 100 Heads of State and Governments, over 35,000 participants and numerous pavilions showcasing climate action around the world and across different sectors.

The good

On 20 November, COP27 concluded with a historic decision to establish a ‘loss and damage’ fund. The deal included a provision to set up a fund to help developing countries counter the harm caused by climate change, funded by high-emitting Western countries. This could improve the relationship between developing and Western countries.

The bad

However, this final deal was a clear disappointment for those wanting to ratchet up the ambitions of last year’s Glasgow agreement. The statement didn’t include a commitment to broaden the pledge to phase out unabated coal emissions to cover all fossil fuels, and there was no reference to global greenhouse gas emissions peaking by 2025. That could mean the world misses the 1.5 degrees Celsius warming target enshrined in the 2015 Paris Agreement.

Is there hope? Yes, there is.

The US and China started working together on climate again, which had been suspended after House Speaker Nancy Pelosi’s visit to Taiwan, earlier this year. Also, more countries signed up to the methane pledge launched in Glasgow last year. There are now 150 nations that have pledged to cut emissions of the super-powerful greenhouse gas – 30% by the end of the decade. Even China said it has developed a draft plan to decrease methane emissions, although it has not joined the global commitment..

Day-by-day summary (see below for link to full report)

DAY 1: Opening day, world leader summit

8 November: Statements on the climate crisis.

DAY 2: World leader summit, continued

9 November: In total more than 100 leaders delivered a statement.

DAY 3: Finance day

10 November: First signs of potential loss and damage funding as Austria and New Zealand put their hands in their pockets.

DAY 4: Science and youth day

11 November: Addresses from 3 young environmentalists and release of Together4Transparency’s Enhanced transparency Framework.

DAY 5: Decarbonisation day

12 November: Biden delivers keynote, apologising for withdrawing from the Paris Agreement, but declares “our capacity is greater than our challenges”.

DAY 6: Adaptation and agriculture

13 November: I-CAN, FAST, and AIM for Climate initiatives launched to mobilise collaboration and climate finance to drive action around climate and food security .

DAY 7: Gender and water

14 November: Action for Water Adaptation and Resilience initiative was set up and African Women’s Climate Adaptive Priorities Initiative (AWCAP) launched by Egypt.

DAY 8: Civil society and energy

15 November: Focus on the need for wider society to buy in to the transition to green energy, if it is to be successful.

DAY 9: Biodiversity

16 November: President Lula of Brazil takes the stage to announce a crackdown on environmental crime and environmentally harmful practices in Brazil: “Brazil is back!”

DAY 10: Solutions day

17 November: More negotiation than actual solutions, but the right parties were brought to the table, at least, and there were more pledges made and there has been progress in adding signatories to pledges and declarations from COP26 e.g. Zero Emissions Vehicles Declaration.

DAY 11…: Closing day

18-20 November: Loss and damage fund agreements made, following extension to the original timetable for COP27.

For a more detailed overview of the proceedings, our ESG & sustainability team produced daily updates from COP27, which are collated in a special report. Please click here to download.

How can we help?

MJ Hudson’s ESG & sustainability team has over a decade of experience helping our clients develop successful ESG programs. We translate our clients’ ambitions into a comprehensive ESG policy, draft disclosures to align with SFDR and SEC requirements, collect and analyse data across the portfolio allowing us to develop insights and improvement plans and help you communicate this clearly with your investors, regulators, and internal stakeholders.

Our carbon and climate team is dedicated to helping you achieve your net-zero ambitions. If you have any questions relating to COP27, or anything else relating to our ESG & sustainability services, please contact Finn Arbuckle.

Why not visit esg-advantage.com to request a demo of our award-winning platform?

Get the best content from Converge direct to your inbox every month.
Author image

About The Author

We help fund managers and investors operate efficiently and invest successfully. Working with fund managers, investors and advisers in both traditional and alternative assets, our team works for clients managing and advising £700bn of assets. Our services include law, fund management solutions, international administration, investment advisory, and IR & marketing.