In the aftermath of COP27, where world leaders met at Sharm El-Sheikh to address delivery of net-zero goals and planning, we recap the progress made since Paris and COP26, simplify the conference agenda, and share what all this might mean for business.
The world is falling short of its climate goals. Countries’ emission pledges are insufficient to meet targets set at the Paris Agreement towards a global temperature increase of 1.5 C degrees. A landmark report released by the Intergovernmental Panel on Climate Change (IPCC) last year underscored the urgency of achieving net zero as well as the severe risks associated with a temperature rise above 1.5 C, declaring a “Code Red” for humanity.1 Continuation of discussions from COP26 on net-zero strategy and implementation as well as new pressures – climate-related disasters and the war in Ukraine – were front and center at this year’s conference, along with a landmark agreement to establish a loss and damage fund for climate reparations to developing countries.
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By Heidi Hellmann, Ofir Eyal, Mariam Saifullah