COP27: Global Pivot Point

The 27th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP27) closed yesterday in Sharm El Sheikh. The convening has historically provided a forum for governments around the globe to align commitments and to discuss paths forward to mitigate the impacts of climate change.

While the global warming conversation has been ongoing for decades, we have entered what may be the most critical decade to achieve climate action. Recent reports published by UN Climate Change, the UN Environment Programme (UNEP) and the Intergovernmental Panel on Climate Change (IPCC) underscore the current crisis. The UN Climate Change report projects that current pledges by 193 governments around the world put the earth on track to be 2.5°C warmer by the end of the century and the UNEP report provides the dire warning that the window is closing as there is no current credible path to reaching the global climate goals.  The IPCC report platforms that a 43% decrease in GHG emissions (from 2019 levels) by 2030 is necessary to limit global warming to the 1.5°C commitment level of the Paris Agreement.

Progress was made in the four priority areas set for COP27: (1) mitigation; (2) adaptation; (3) loss and damage; and (4) finance. Those include affirmation of the Paris Agreement commitments, a new global goal on adaptation to improve resilience for the most vulnerable communities, an historic loss and damage funding commitment to support developing countries and an enhancement of climate financing and carbon market vehicles.

A key takeaway is that the global transformation to a low-carbon economy requires domestic policy support and public investment. The watershed climate provisions in the Inflation Reduction Act, passed by Congress earlier this year, represent the country’s most significant public investment to date. It continues to spur advancement and innovation in green technology, infrastructure and renewables toward climate solutions. We must continue that acceleration to be in a position to achieve global climate goals, to avoid irreversible and catastrophic impacts and to protect vulnerable communities.