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As political leaders put together to assemble in Sharm el-Sheikh, Egypt, for the UN Local weather Change Convention – or COP27 – in November, Wai-Shin Chan, Head of HSBC’s Local weather Change Centre of Excellence, explains what’s at stake.
It’s an opportunity to gauge the political temper after a turbulent yr
The talks will point out whether or not the Russia-Ukraine conflict and worth crises have distracted governments, companies and the general public from local weather motion within the quick time period. It might be that excessive climate – from heatwaves in Europe to floods in Pakistan and droughts in China – will function a reminder of the urgency to behave.
Negotiators have a problem on their fingers
The difficulty of loss and harm – the destruction already being brought on by local weather change in components of the world – virtually derailed COP26, and we anticipate it to be simply as tough this yr. One precedence is to make the Santiago Community absolutely operational. This community is designed to supply instruments and technical help to weak economies, and an settlement on its phrases of reference is anticipated in Egypt.
Cash will likely be a sticking level (once more)
The necessity for a “provision of funds” by developed nations for loss and harm was acknowledged at COP26, however there weren’t any particulars on what type, supply and quantity this might take. Growing nations will likely be after a funding facility, whereas developed nations will baulk on the concept of being obliged to supply much more financing. In any case, they missed their 2022 promise of offering USD100 billion in local weather finance, and creating international locations will need assurance on how it will come to fruition by subsequent yr.
With Egypt on the helm, the highlight will likely be on adaptation
The African continent is very weak to the consequences of local weather change, so a key focus will likely be on making ready for its impacts. There will likely be a lot emphasis on the worldwide purpose on adaptation, a two-year programme which goals to drive collective motion. No main resolution is due on this till subsequent yr, however negotiators will likely be seeking to flesh out its key parts and targets.
Progress stays very important
Final yr’s occasion in Glasgow felt the delayed ‘post-2020’ stress and there have been many essential selections to be made there. This convention is much less pressured. However progress remains to be very important as events implement actions from COP26. There’s additionally subsequent yr’s international stocktake, which is able to measure how far we’ve come for the reason that Paris Settlement. Hosts Egypt say a profitable convention means “progress throughout the board” on all local weather points “in a balanced and equitable method”.
Power transition nonetheless issues
The spike in power costs might have sharpened the short-term want to search out fossil fuels, however it has not lessened the significance of power transition and renewable infrastructure in the long run. We expect traders and companies will likely be looking forward to alerts in regards to the pace at which local weather motion is being taken as alternatives to sort out the difficulty are doubtlessly unlocked.
Discover out extra in World Analysis’s report (opens in new window)
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