No more hope in COP?
COP27 has just started and most are saying there’s nothing more to hope for during the COPs. A lot of reports are showing that despite 26 previous editions, the situation has never been so tense around the climate crises:
1/ The United Nations Environment Programme’s report, shows that the reduction policies as currently pursued by the States lead us towards a warming of 2.8°C.
2/ Greenhouse gas emissions hit new records in 2021. The increases in atmospheric methane recorded in 2020 and 2021 are the largest since records began in 1983.
3/ According to several research organizations, in virtually every sector of the global economy, progress must be multiplied tenfold to keep pace with the goal of limiting global warming to 1.5°C.
But that’s not news right? This year has clearly been a proof of the consequence of our inactions. Does it mean there’s nothing to hope for in this 27th edition? That is actually not true.
Here are the 5 key challenges that only the COP can tackle.
1) Create a funding mechanism to address “loss and damage”:
The cost of disasters for developing countries is colossal: it amounts to 329 billion dollars in 2021. The deadly floods in Pakistan alone cost around 30 billion dollars.
The “loss and damage” part is therefore a key issue for this COP. Because this damage mainly affects countries which, not only are not responsible for climate change (75% of emissions are produced by the G20 countries), but also have the least financial capacity to respond to it. The reconstruction, the rehabilitation of infrastructure, the relocation of millions of people requires a lot, a lot of money. The less wealthy countries are therefore demanding financial compensation for their “losses and damages” from the rich countries.
2) Strengthen national emission reduction targets:
According to a study published by the WRI ahead of the summit, current commitments would only reduce greenhouse gas emissions by 7% by 2030 against a target of 43% to stay below 1.5°C warming.
3) Ensure the $100 billion climate finance pledge is delivered:
In 2009, developed countries pledged to mobilize 100 billion dollars per year from 2020 for developing countries to support their climate action. According to the OECD, developed countries had mobilized only $83.3 billion in climate finance in 2020.
4) Scale up adaptation support:
The climate change adaptation needs of poor countries are projected to reach $340 billion a year by 2030. Yet support for adaptation today represents less than a tenth of that amount with only $29 billion .
5) Respect the commitments made in Glasgow:
In Glasgow, governments made a number of commitments on reducing methane emissions, deforestation, accelerating coal phase-out. But in 2021, global fossil fuel subsidies nearly doubled from 2020 levels.
“The waking nightmare”, “We must be helped to repair the damage you have caused us”… whether it is the Kenyan president or the president of the Seychelles, the countries of the south have benefited from the traditional “leaders’ summit” which ends today to make powerful indictments…despite the absence of most of the leaders of the great powers (United States, India, China, Brazil) which has largely tarnished this crucial stage of the negotiations.
What’s at stake right now is climate justice, preparing for adaptation and most importantly aligning actions to keep our previous engagements. So that COPs remain key milestones in our fight against climate change.
Only states can ensure that these climate injustices are reduced. But as we have seen in the past, it is also up to us to ensure that things change. And at WDNR we are convinced it is time for the private sector to raise to the challenge.
We believe it has a key role to play and can become a force for good. This is why we support companies to accelerate their sustainable transitions to survive & scale positive businesses to shape the new economy.
We don’t need roads, we do need bold moves.
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