COP27 highlights

COP summits are major, impacting decarbonisation, standardisation, and legislation. It’s likely that decarbonisation efforts will lead to mandatory reporting for all companies, in the future.

2022’s COP27 featured some inspirational if urgent speeches, including some dark predictions for a global temperature increase of up to 2.8°C degrees. To limit warming to 1.5°C, decarbonisation efforts must accelerate. 

The standardisation of reporting to ensure progress can be tracked and monitored at scale using the Net Zero Guidelines from the ISO, was also discussed. 

During the summit, the EU adopted its climate impact disclosure legislation, the US unveiled mandatory emissions reporting, and the European Central Bank is set to require banks to become fully compliant with climate related risks by 2024. 

Other highlights include: 

• New funding arrangements were established to help developing countries in response to climate related impacts. 
• Brazil, Indonesia, and the Democratic Republic of Congo made an agreement to protect tropical rainforests, on November 14^th to protect tropical rainforests. 
• President-elect Luiz Inácio Lula da Silva President of Brazil vowed to end the deforestation of the Amazon by 2030 by strengthening government agencies and help to create a ministry of indigenous and native peoples to support communities fighting to protect their forest. 
• On Egypt Biodiversity Day the Egyptian government committed to extend official protection to the entire Red Sea Great Fringing Reef.  
• French President Emmanuel Macron voiced his support for a ban on deep-sea mining, following his previous statement on stopping deep-sea mining in marine areas beyond national jurisdictions, at the U.N. Ocean Conference 
• The UK have joined the Global Offshore Wind Alliance alongside nine other countries, aiming to boost global offshore wind capacity sixfold to 2030.     

Sadly, there was no commitment to phasing out fossil fuels, with 636 representatives from oil and gas industries attending. Some groups say that it’s beneficial for negotiations, while others fear that they attend to hinder progress and prevent talks.