ESG360 – COP27: A Review of the UN's Climate Change Conference
We review the proposals, announcements and progress discussed at the UN's Climate Change Conference held in Egypt in November 2022.
- A core focus has been the creation of a loss and damages fund to support countries bearing the brunt of climate change
- Key agreements were reached on reducing methane emissions and a $20 billion deal to help Indonesia move away from coal
- The messaging within the Net Zero Banking Alliance is that banks are a ‘coalition of the willing’, they're keen to play their part but can’t do it alone
In this episode of ESG360, we explore the key ideas discussed at UN's most recent Climate Change Conference, COP27, held in Egypt. Against the backdrop of Russia’s invasion of Ukraine, energy security concerns complicated discussions around climate change as come countries burned more fossil fuels in the short term while making plans to accelerate the rollout of renewables to reclaim their energy independence. Discussion centered around the creation of a loss and damages fund to compensate developing countries bearing the brunt of climate disasters. Reducing greenhouse gases like methane and a $20 billion deal to help Indonesia move away from coal were notable successes in contrast to thornier issues like phasing down all fossil fuels.
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Contributor
Viren Vaghela
Content Editor
Andrew Bowley
Managing Director – Sustainability Governance Officer
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