What’s COP

The next climate summit has arrived, and some exciting conversations will come.  The COP is an abbreviation for a meeting held by the UNFCCC and stands for Conference of Parties and is held periodically under the advocacy of the United Nations Framework Convention on Climate Change (UNFCCC).  The conference aims to create rules, regulations and plans to reduce greenhouse gas emissions worldwide.  It’s where countries meet to discuss how they can tackle climate change together. So, at COP27 what should we expect to see agreed?

The UNFCCC was created in 1992 to regulate how countries collaborate to fight climate change.  In other words, it’s an international treaty that seeks fair and ambitious action on climate change from all countries around the world so that everyone can prevent dangerous global warming from occurring in our future generations’ lifetimes.

Committed to delivering a change

The purpose of COP is to create an agreement on how to address climate change globally through mitigation strategies and adaptation measures.  However, unlike other conferences where countries only discuss ideas and proposals during their meetings, here they take action!  They sign agreements or make decisions which bind them to specific commitments regarding climate change action.

A very different location

Glasgow, Scotland, was the venue for COP26.  This year COP27 will be held in Sharm el-Sheikh, Egypt, from November 6th -18th, 2022; a significant change for COP, with five of the last six held in Europe.  Egypt is an important country regarding climate change issues because they have desert areas that aren’t getting enough rain.  It’s also pertinent that it’s taking place in Africa, given the continent has some of the poorest and most damaged by climate change.

What happened at COP26

Some thought COP 26 was a failure – we don’t entirely agree, but it certainly wasn’t the success that some had hoped.  One of the enormous benefits of the summit being on “home soil” saw it feature heavily in the U.K. press.  It highlighted to the U.K. public and businesses the importance of our government’s commitments around climate change.  As consumers, we must consider ways to reduce our carbon footprint.

The Glasgow Climate Pact reached during COP26 encouraged countries to phase down fossil fuel and coal subsidies, failing to ask governments to eliminate them.  It also demanded that jurisdictions make more ambitious commitments by the end of 2022, which we will see during COP 27.  An unusual occurrence as previously, these pledges are made every five years.  However, many believe that the commitments made at COP 26 fall short of what’s needed to meet Paris Agreement goals.  And to limit global warming to the desired 1.5°C, we would need to see a significant increase in commitments to Nationally Determined Commitments (NDCs). At COP27 we should expect to see this being a hot and difficult topic – more on that later!

The commitments made

  • Deforestation – 130 countries (home to 90% of the world’s forests) pledged to halt and reverse deforestation.
  • Methane – more than 100 countries agreed to reduce methane emissions by 30% by 2030.
  • Coal and Fossil Fuels – 23 countries made new commitments to phase out coal, with some signing an initiative to help developing countries transition away from coal.
  • S. China agreement – the two top greenhouse gas emitters agreed to boost cooperation on climate change initiatives, including renewable energy and carbon capture technology.
  • India Net zero pledge – one of the world’s biggest emitters pledged to achieve this by 2070.
  • Climate Finance – some governments agreed to set up a system to help countries already suffering loss or damage from climate change but failed to agree on the details. Developed countries were urged to DOUBLE their funding to support developing countries in their work on climate change.
  • Zero-emission vehicles – more than 30 countries and several motor companies agreed to ensure that new cars and vans are zero-emission by 2035
  • Company Net-Zero pledges – More than 450 private companies, like banks and pension funds, committed to using $130 trillion of their funds to reach net-zero emissions by 2050.

COP27 – What to expect

The focus during COP 27 will be on implementing measures agreed upon at previous conferences (in particular Paris Agreement), encouraging private sector involvement and developing countries’ capabilities to reduce emissions.  More than 90 world leaders will work together to try and reach further agreements to achieve global net zero by 2050.  And try to bring the commitment to limiting global warming to 1.5 degrees.

The themes at COP27

  • Mitigation: How are countries reducing their emissions?
  • Adaptation: How will countries adapt and help others do the same?
  • Climate finance: How can developed countries reassure and provide sufficient financial support to developing countries?

COP27 will likely focus heavily on allocating funding for developing countries.  The funds will mobilise plans to move vulnerable populations and help to pay for climate-change-related damage to their environments.

It also comes at an economically turbulent time for the world.  Many developed countries are facing or are in recession, adding to this the worldwide energy crisis, which for many governments, will be a difficult balance between the stability of their economies and their commitments to spending on climate change and the future. At COP27 it’s likely that the current economic pressures around the world will limit much of an increase in countries committed NDCs.

Why is COP27 important to consumers?

The agreements reached and the commitments made, especially by our government during COP, have a meaningful impact on all consumers.  Responsibilities change business revenues and, in the long run, consumer behaviour.  There has been a growth in awareness of the climate crisis, influencing consumer expectations and, ultimately, their behaviours.  And as energy consumers, we all must work towards finding, using, and investing in renewable and green energy.

If you would like to discuss your energy needs and how you can play your part in delivering the U.K.s commitments on climate change, then get in touch.