COP 27 - what you need to know!
The COP 27 conference is just around the corner, and there's a lot of excitement in the air. So what exactly is COP 27? Below, we will be discussing everything you need to know about the upcoming conference. This includes what will be happening at the conference, its significance, and what you can do to prepare for it.
What is COP27 and why is it important?
COP 27, or the 27th Conference of the Parties, is a UN-sponsored event that takes place every year. The conference is where world leaders and climate change experts come together to discuss the latest findings on climate change and what needs to be done to mitigate its effects.
During COP 27, the Parties will discuss a range of issues related to the implementation of the Paris Agreement, including how to accelerate action to reduce greenhouse gas emissions; how to adapt to the impacts of climate change; and how to finance climate action.
What is the Paris Agreement?
The Paris Agreement is a legally binding international treaty on climate change, adopted by 196 parties at the 21st Conference of the Parties (COP 21) in December 2015. The Agreement entered into force on November 4th, 2016, and its ultimate goal is to keep the global average temperature increase this century well below 2 degrees Celsius above pre-industrial levels. In order to achieve this, parties to the Agreement have committed to making Nationally Determined Contributions (NDCs) to reduce their greenhouse gas emissions.
What does COP 27 stand for?
COP 27 stands for the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC).
What exactly is the UNFCCC?
The United Nations Framework Convention on Climate Change (UNFCCC) is an international environmental treaty negotiated at the Earth Summit in 1992 and entered into force in 1994. The treaty's objective is to "stabilize greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system."
Where is COP27 being held?
This year's COP 27 will take place in Sharm El-Sheikh, Egypt, from November 7–18, 2022. The conference will be chaired by the Egyptian environment minister, Yasmine Fouad.
What happened last year at COP26?
1. Signing of the Glasgow Climate Pact
2. Release of joint statement from China and the USA
3. Completion of Article 6 and the Paris Rulebook
4. Signing of the Global Methane Pledge
5. Pledge to halt deforestation by 2030
What is on the agenda for COP27 and what does it mean?
1. The Paris Agreement, as discussed above,
2. Nationally Determined Contributions (NDCs): NDCs are voluntary commitments made by each party to reduce emissions.
3. The Green Climate Fund: It is a fund established by the Parties to the UNFCCC to assist developing countries in adapting to and mitigating the effects of climate change.
4. Climate finance: funds invested in projects and programmes that assist developing countries in reducing greenhouse gas emissions and increasing resilience to climate change.
5. The role of the private sector a key role to play in the transition to a low-carbon economy. The private sector can provide financing for climate change mitigation and adaptation projects, as well as technology and know-how.
6. The role of civil society: a vital role in the fight against climate change They can help to raise awareness of the issue and mobilise people to take action.
Anyone concerned about the future of the world should attend COP 27. The meeting will bring together international leaders to talk about the most important problems the world is currently experiencing. National action, not a single negotiated conclusion, is what the COP27 is looking for. As nations try to reach an agreement on how to raise and distribute the trillions of dollars required to accomplish the goals of the Paris Agreement, finance is set to take centre stage during discussions at the summit.
What impact will this have on UK business? Do you need suggestions on how to help your business become carbon neutral?
Speak to our consultants today. Contact Us.
