‘We all need a working knowledge of the macro-events that are shaping our world,’ says Forico CEO Evangelista (Ange) Albertini. Below are the high-level insights from the COP27 conference that can help us all address global challenges at a local and personal level.
What is a COP?
A COP, or Conference of the Parties, is a group of nations which have signed the UN Framework Convention on Climate Change. This was established in 1992 and commits countries to acting together to stabilise greenhouse gas concentrations “at a level that would prevent dangerous anthropogenic (human-induced) interference with the climate system”. Since the signing of the convention in 1992, those nations have met annually, this year at COP27.
COP27, the Sharm el-Sheikh Climate Change Conference, was held in Egypt from 6th to 20th November 2022. More than 92 heads of state an estimated 35,000 representatives, or delegates, of 198 countries were there.
Was COP27 successful?
Set against a difficult geopolitical backdrop, COP27 delivered a package of decisions reaffirming the commitment to limiting global temperature rise to 1.5 degrees Celsius - that’s 1.5 degrees Celsius above pre-industrial levels.
What did COP27 achieve?
- A significant achievement of COP27 was the breakthrough agreement to establish a new ‘Loss and Damage’ Fund for Vulnerable Countries hit by climate disasters. This is an attempt to compensate developing countries for the harm caused by a changing climate, in turn caused primarily by the developed world. A growing number of developed and developing countries demanded urgent changes to the World Bank, which they believe has failed to provide the funding needed to help poor countries cut greenhouse gas emissions and adapt to the climate crisis. The Loss and Damage Fund seeks to address these concerns.
- The challenge begins now, as the fund is set up and must be financed. There is as yet no decision on how the finance should be allocated and where it should come from.
- At the last COP26 in Glasgow it was agreed that countries needed to focus on a 1.5oC limit in global temperature rises by 2030.
- This is still the goal, but current predictions are that it will not be achieved, and countries will need to do more to limit global warming to 1.5 degrees by 2030 and achieve net zero carbon emissions by 2050.
- A commitment was made to increase the provision for ‘low-emissions energy’ such as wind and solar, and to focus on renewable energy generation and the bioeconomy. Last year at COP26, a commitment was made to ‘phase down’ the use of coal. This year at COP27, some countries wanted to take a firmer stance against fossil fuel use, but in the end this resolution failed.
How can we make a difference at industry and individual level?
There are positives to take away from COP27 but it is clear that there now needs to be real urgency in moving on from target-setting to implementing real outcomes.
Throughout COP27 the recurring theme was that sustainably managed forests will play a pivotal role in the battle against climate change, and also in reversing biodiversity loss. Forests are truly climate positive and nature positive, while biodiversity is essential for the processes and healthy ecosystems that support all life on Earth, including humans.
Forico’s Natural Capital Report clearly communicates the benefits of sustainably managed forests. Sustainable production of wood fibre products and a forestry sector based on nature-based protocols are key factors in mitigating climate change, biodiversity loss and the transition to a circular economy. Forico’s globally certified plantations, carefully managed natural forest and the renewable energy projects we are advancing, including windfarms and biofuel opportunities, are all part of the solution.
Although COP27 was on a global stage, the delivery of climate action begins at home. What we can all do is take this call to arms to our communities, families and friends. Make your voice heard and we can all make a difference. Collective steps we can all take to tackle climate change are:
- reducing your energy use,
- respect and protect green spaces,
- reduce consumption and waste,
- invest your money responsibly.
ENDS
Images courtesy of Flickr and Connect4Climate.