Business Leadership at COP27: Notable Achievements and Future Prospects

On Sunday, November 20th, nations around the worldSharm el-Sheikh Implementation Plan. ”

The U.S. Chamber of Commerce is working closely with business and government allies in the United States, Egypt, and other countries around the world to communicate the critical role of business in the implementation of climate change. I was proud to represent the private sector at the conference along with the delegation. solution.

The American Chamber of Commerce participated in about 20 different public and private events while in Sharm El Sheikh. For a full summary of these efforts, please visit the COP27 website. here .

Analysis of COP27 outcomes

Media coverage of COP27 has been mixed, but the unprecedented actions and investments by the business community to tackle the climate challenge, and the critical partnerships with governments and other stakeholders, are reasons for optimism. We believe it is. Throughout the conference, a consistent theme, especially from US leaders, was the critical role companies play in helping raise funds and implement climate solutions at home and abroad.

As summarized by Marty Durbin of the U.S. Chamber of Commerce his statement At a business community gala co-hosted with AmCham Egypt:

“There is clearly excitement among the business community that there is an opportunity to address the energy and climate challenges in a way that will help companies achieve long-term success in evolving markets. The event will showcase, progress and witness innovations in technology, systems and use of data, strategic partnerships between companies and with governments and NGOs: climate progress, and we are here I’m in…”

The establishment of the Loss and Damage Fund, which aims to provide financial support to countries affected by climate change, was a key outcome of COP27. Although hailed as great progress, many basic details must be negotiated about how countries will contribute, how much they will contribute, and how the funds will be distributed. Achievements include:

• clean energy solutionsThe final COP agreement “emphasizes the importance of strengthening the clean energy mix, including low It underscores the urgency of rapidly transforming to become safer, more reliable and resilient.” The Chamber welcomes the attention both to energy security and to a wide range of clean energy solutions covering resources and technologies ranging from nuclear energy and natural gas to hydrogen, energy efficiency, electric vehicles and more.
• Adaptability and resilience. The agreement enhances adaptation and resilience along with mitigation as key to mitigating climate risks. It calls for “an urgent and substantial increase in the provision of climate finance, technology transfer and capacity building for adaptation to meet the needs of developing countries.”
• Agriculture, food security and nature-based solutionsFor the first time in history, the final agreement at COP27 has linked the “fundamental priorities of ensuring food security and ending hunger” and “using nature and ecosystems to effectively and sustainably combat climate change”. ” explicitly calls attention to Agriculture in the context of climate action, and nature-based solutions. Although subtle, these additions are seen as important steps towards more concerted global action on these issues.

• Energy development and just transition in AfricaFinally, Africa’s unique climate and energy challenges have come to the fore in Egypt. Through the Major Economies Business Forum (BizMEF) and the Chamber of Commerce’s Africa team, we have worked to highlight the ‘air of mistrust’ that has permeated the debate in Egypt. To see Europe and the developed world bring more carbon-intensive sources online when needed.

Unfortunately, concerns remain about the increased and prominent participation of business leaders at recent COPs, and the lack of recognition of the critical role of business in delivering climate solutions.In fact, well-known reportThe UN-released High-Level Expert Group on Net Zero Emissions Commitments of Non-State Agencies was highly critical of business momentum supporting climate change ambitions. Moving forward, the Chamber will help United Nations processes and government stakeholders to better understand and consider the contribution of business to the global climate challenge.

U.S. government view

In addition to these globally focused issues, the U.S. Government also highlighted several programs that enjoy strong business community engagement/participation, including:

• Additional country participation in the Global Methane Pledge to reduce methane emissions by 30% by 2030 (US Chamber of Commerce statement on this progress is here );

• Ann energy conversion accelerator It aims at building a carbon market in developing countries.

• a green shipping challengeLaunched with Norway to decarbonize the global shipping market

• expansion of Global Fertilizer ChallengeThis includes a $135 million commitment to help low- and middle-income countries address fertilizer shortages.

• expansion of First Movers Coalition— A group of 65 companies that have invested $12 billion in emissions reduction solutions across many hard-to-reduce sectors.

Among the most notable involvements were two meetings that helped set the stage for COP28. The U.S. Chamber of Commerce will hold a meeting with Ambassador Majid Al-Suwaidi, COP28 Executive Director and his leader of business at the UAE Pavilion during his stay in Sharm, and the U.S. Chamber of Commerce and members will meet in Dubai next November We explored how we can work together at his COP28. As a result of that discussion, the U.S. Chamber of Commerce and a group of about 40 members of the Chamber of Commerce are meeting in Abu Dhabi this week to discuss how the critical role that business plays in solving the climate challenge will be incorporated into next year’s program. I will investigate further if it is possible.

During COP27, several U.S. Chamber of Commerce officials also met with Ambassador Adel Al-Jubeir, Saudi Arabia’s special climate envoy, as COP28 will truly be a meeting for the entire Middle East. At COP27, Saudi leaders underscored his initiative to be Saudi green. The U.S. Chamber of Commerce said he plans to organize green tech business missions to both the UAE and Saudi Arabia sometime in 2023 to promote private sector opportunities.

Stay tuned for updates on the US Chamber of Commerce’s global climate efforts, including what we’re doing to ensure a successful COP28 next year.