Business enterprise Leadership at COP27: Notable Results and the Path Forward  

On Sunday, November 20th, the last gavel shut on COP27 in Egypt, as international locations close to the environment signed off on the “Sharm el-Sheikh Implementation Program.”   

The U.S. Chamber of Commerce was happy to represent the non-public sector at the conference with our premier delegation ever, operating intently with company and government allies from the U.S., Egypt, and other international locations all-around the world to convey the essential role of business in utilizing local climate remedies.   

The U.S. Chamber participated in practically 20 different public and non-public occasions while in Sharm el Sheikh. For a total recap of these engagements, go to our COP27 web site right here.  

Investigation of COP27 outcomes  

Though the media narrative around COP27 was blended, we feel the unparalleled steps getting taken and investments staying manufactured by the small business local community to tackle weather challenges—and critical alliances with governments and other stakeholders—is motive for optimism. A continual concept all over the convention, particularly from U.S. leaders, was the critical purpose that organization plays each to support finance and implement climate methods at property and overseas. 

U.S. Chamber Global Energy Institute President Marty Durbin speaks at a COP27 dinner headlined by U.S. Special Presidential Envoy for Climate John Kerry on November 12, 2022.U.S. Chamber World Power Institute President Marty Durbin speaks at a COP27 meal headlined by U.S. Particular Presidential Envoy for Local climate John Kerry on November 12, 2022.

As the U.S. Chamber’s Marty Durbin summarized through his remarks at our business enterprise group gala co-hosted with AmCham Egypt:

“There is a distinct pleasure amongst the business enterprise neighborhood about the options that exist to deal with the vitality and local weather obstacle in ways that situation corporations for very long-expression achievements in an evolving marketplace.  And functions like COP27 permit us to see the innovations in technologies, in systems, in knowledge use, and in strategic partnerships amongst firms and with governments and NGOs, on display, in development, and producing change….so the small business neighborhood is crucial to local weather progress, and we are here…” 

The institution of a “Loss and Damage” funding made to provide fiscal assistance to nations affected by local climate improve was the headline achievement of COP27.  Hailed as big development, many elementary information stay to be negotiated about how international locations add, how substantially they add and how cash would be distributed. Amongst other major results have been:  

Clean up energy remedies. The remaining COP agreement also “stresses the relevance of boosting clean power blend, such as low-emission and renewable energy” even though also noting that “the unprecedented worldwide power disaster underlines the urgency to quickly rework electrical power units to be much more secure, trusted, and resilient.” The Chamber welcomes this attention to both of those electrical power protection and a broad vary of clean up vitality solutions, encompassing methods and technologies from nuclear power and natural fuel to hydrogen, vitality performance, electric powered automobiles, and a lot additional.  
Adaptation and resilience. The settlement elevates adaptation and resilience together with mitigation as important to minimizing local weather hazards. It phone calls for “urgently and considerably scale (ing) up their provision of weather finance, technological innovation transfer, and ability-constructing for adaptation so as to answer to the desires of establishing nations around the world.” 

 Agriculture, food security, and character-based mostly methods. In a historic to start with, the ultimate COP27 arrangement explicitly phone calls focus to the “fundamental priority of safeguarding food items safety and ending hunger,” as very well as “using mother nature and ecosystems for successful and sustainable weather action”—a nod to the significance of food, agriculture, and character-based solutions in the context of addressing weather. Even though subtle, these additions are seen as important measures toward much more concerted world-wide motion on these issues.  
Strength growth and the just changeover in Africa. At last, Africa’s one of a kind weather and electrical power difficulties took center stage in Egypt. Through the Significant Economies Small business Discussion board (BizMEF) and the Chamber’s Africa staff, we worked to highlight the “climate of mistrust” that permeated conversations in Egypt, in which African nations are instructed to find carbon-free of charge ability resources to supply reputable energy, only to see Europe and the produced world bring extra carbon intensive sources on-line when they want it.     

Unfortunately, concerns remain about the deficiency of recognition of the expanding and prominent participation of organization leaders at the latest COPs and the essential job of company in providing weather options. In fact, a significant profile report unveiled by the UN “High-Level Specialist Group on the Web Zero Emissions Commitments of Non-State Entities” was extremely critical of business enterprise momentum in help of local climate ambition. Going forward, the Chamber will aid assure that the UN approach and authorities stakeholders better recognize and look at the contributions of enterprise to worldwide weather troubles.    

The U.S. government’s perspective 

In addition to these globally focused challenges, the U.S. governing administration also highlighted many packages that enjoy robust business enterprise neighborhood engagement/participation, which include:  

Supplemental place participation in the World-wide Methane Pledge to decrease methane emissions 30 per cent by 2030 (the U.S. Chamber’s statement on this development is here)  

An Energy Transition Accelerator aimed at constructing carbon markets in developing nations  

A Green Shipping Challenge launched with Norway to decarbonize the international shipping and delivery market  

Enlargement of the World Fertilizer Challenge, including the commitment of $135 million to support small- and middle-profits nations tackle fertilizer shortages.   

Enlargement of the 1st Movers Coalition—a increasing team of 65 businesses that have committed $12 billion toward emissions-decreasing alternatives in a number of hard-to-abate sectors.       

Between the most notable engagements were two conferences that will help established the stage for COP28. Whilst in Sharm, the U.S. Chamber organized a assembly with H.E. Ambassador Majid Al Suwaidi, COP28 Director Basic, and company leaders in the UAE Pavilion to discover how the U.S. Chamber and our members can collaborate on COP28, which will be held in Dubai next November. As a result of that dialogue, the U.S. Chamber and a team of about 40 Chamber users are conference in Abu Dhabi this 7 days to further more take a look at how the important purpose that business performs in weather options can be included into future year’s programming.  

U.S. Chamber and business leaders meet with H.E. Ambassador Majid Al Suwaidi, COP28 Director General, in the UAE Pavilion at COP27.U.S. Chamber and small business leaders meet up with with H.E. Ambassador Majid Al Suwaidi, COP28 Director Typical, in the UAE Pavilion at COP27.

COP28 will really be a convention for all of the Center East, so with that in intellect, through COP27 numerous U.S. Chamber executives also fulfilled with H.E. Adel Al-Jubeir, Saudi Arabia’s Local climate Envoy. At COP27, Saudi leaders highlighted the Saudi Inexperienced Initiative, and there are programs for the U.S. Chamber to organize a GreenTech Company Mission to both the UAE and Saudi Arabia during 2023 to additional non-public sector opportunities.   

Remain tuned for more updates on the U.S. Chamber’s intercontinental weather engagement, which includes our operate to ensure a successful COP28 future 12 months.   

About the authors

Martin Durbin

Martin Durbin

Senior Vice President, Coverage, U.S. Chamber of Commerce, President, World wide Electrical power Institute, U.S. Chamber of Commerce

Martin (Marty) Durbin is president of the U.S. Chamber of Commerce’s World Energy Institute (GEI). Durbin qualified prospects GEI’s attempts to develop assistance for meaningful electricity motion by policy growth, schooling, and advocacy, building it a go-to voice for commonsense strength options.

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