The first week of COP27 is drawing to a close, with a number of topics being discussed so far. The conference has historically been extremely divisive, and this year is unlikely to be any different. Actions will always speak louder than words, but we believe positivity is key to driving collaborative and lasting change.
It’s because of this, that we think it’s important to round up what, we feel, are some of the positive steps that have been taken this week in Sharm El-Sheik.
Loss and damage
A series of symbolic moves on climate finance at COP27 suggests positive momentum could be starting to build on the pivotal issue of loss and damage at the UN summit in Egypt.
The UK said it would allow some debt payment deferrals for countries hit by climate disasters, while Austria and New Zealand put forward funding for loss and damage, which is the cost of rebuilding in poorer nations after unavoidable climate impacts.
US offers data to help communities prepare for climate risk
The US government is working with AT&T, a telecommunications company, to provide free access to data about the country’s future climate risks. The idea is to help community leaders better understand and prepare for local dangers from more extreme weather.
“We want other organisations and communities to see where they’re potentially vulnerable to climate change and take steps to become resilient,” Charlene Lake, AT&T’s chief sustainability officer, said in a news release.
World leaders promise to save forests
Over two dozen countries say they’ll work together to stop and reverse deforestation and land degradation by 2030 in order to fight climate change.
Chaired by the United States and Ghana, the Forest and Climate Leaders’ Partnership includes 26 countries and the European Union, which together account for more than one-third of the world’s forests.
UN takes aim at greenwashing
The UN is trying to prevent “dishonest climate accounting” by companies and local governments that have promised to eliminate or offset their carbon emissions.
Non-state actors like financial institutions and city governments will play a crucial role in getting the world to net zero emissions by mid-century, a group of experts working on behalf of the UN said in a report. To ensure they’re delivering on what they promised, groups that have made net zero pledges must publicly report on their progress with verified information, the report says.
US looks to boost investment for developing countries trying to cope with climate impacts
The US Development Finance Corporation (DFC), which works with investors in the private sector to get money to low-income nations, says it’s trying to boost investments to help countries deal with the impacts they’re already feeling from climate change.
According to the United Nations, industrialised countries gave developing nations around $29 billion in financing in 2020 to help them prepare for more extreme storms, heat waves and floods. But that’s just a fraction of what the developing world needs in order to reduce the damage from extreme weather events.
US President Joe Biden commits to helping fight the climate crisis
In a speech on Friday, Joe Biden announced new support of $100m for early warning systems in Africa, for strengthening food security and supporting a new training centre in Egypt to transition to renewables across the continent.
He also spoke on the urgent need to reduce methane by at least 30% by 2030 describing it as our best chance to keep in reach of the 1.5 °C targets. The President also called for a slowdown in deforestation, stating, “Forests are more valuable when they are preserved than when they are destroyed.”
