COP 27 #4 - Are we ready yet for a paradigm change?

November 21, 2022

We needed ambition we end up (again) with disappointment.

It is becoming clear that the window for achieving an ambitious outcome on COP27 is dropping by the hour. Key issues have been identified, increasing national emissions cuts, financing loss and damage as well as adaptation, but there is limited progress to report.

Slow advancement on the loss and damage funding. We know that for every decimal of a degree increase post 1.5C, loss and damage will be incredibly more expensive and more hurtful. As a Bolivian representative has put it: "Developed countries talk a lot, but in practice they do very few".

There is also disappointment regarding the absence of the phase out of fossil fuel other than coal in the discussions. We know that we need to end this era, but the phasing out of fossil fuel cannot be delt with as an "in or out" subject. Our economy and energy system are still extremely dependent on it. And as the recent crisis has highlighted the access to a reliable source of energy has also social implication.

We need to come up with a plan, backed by political will, as how to phase out and not treat the resource as one heterogenous entity. A clear transitioning plan needs to be developed, starting with the highest emitting sources and where alternatives exist.

Another absent of the current draft report is biodiversity. Next COP15 on Biodiversity in Montreal will focus on the intrinsicality link between nature conservation and its positive contribution to fighting climate change. Nature-related projects also depend on the development of voluntary carbon markets as described in Article 6 of the Paris Agreement.

We do not have time to wait for everyone to have an epiphany towards sustainability, urgent action is needed now. There is a commitment from the financial sector to create the right environment for filling the financing gap. Channeling capital flows towards innovations and solutions is key but investors will not reach net zero in isolation, they will require top-down leadership from governments.

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