There is a different vibe about COP27 compared with COP26. Significant commitments were made last year so this year is focused on understanding progress against those initiatives.
The most important test is the first annual review of the nationally determined contribution (NDC) plans. Mitigation this year will be focused on renewing the NDCs and it is unlikely there will be material changes.
A global goal on adaptation was set during COP26, so COP27 will focus on making that a reality and defining common frameworks for adaptation is a challenge. Finance and collaboration continue to be the key enablers of change and so scaling finance for real climate outcomes is a focus alongside ensuring that there is broad stakeholder engagement.
Another focus of this year’s conference will be adaptation. While there is not a commonly agreed framework or definition for adaptation, there is a recognition that the climate is changing and that it is affecting everyone. As such, focusing on habitat protection, flood and drought management, water and energy conservation, as well as retrofitting properties for changing weather conditions, among other actions, are needed in a changing world.
Tightening of supply must also be matched with efficiency. Consuming less should be as big a priority as producing cleanly. This is something many governments are starting to focus on but requires concerted changes in behaviours.
Since last year, more needs to be done to ensure a just transition, and corporate boards can expect pressure on this topic, particularly in light of the increasing cost of living.
The best possible outcome from COP27 is continued supportive rhetoric and commitment to a journey of progress.
