Publication 01.12.2022

« Expert insight » COP27: Innovate and Implement (en anglais)

Lindee Wong

Lindee Wong

Director of Climate and Biodiversity

Lindee Wong

Pierre Abadie

Group Climate Director, Tikehau Capital

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Extreme weather events of recent times serve as a stark reminder of the urgent need to mitigate climate catastrophe. Heatwaves in Europe, flooding in Pakistan and hurricanes in the US have emerged against a backdrop of unprecedented food and energy shortages, all exacerbated by Russia’s war in Ukraine. The destructive effects of climate change continue to manifest on a global scale, touching every facet of human life to the exclusion of none.

By the end of the 26th United Nations Climate Change Conference (COP26) held in Glasgow in 2021, both the US and European Union had committed to reach net-zero by 2050, China by 2060 and India by 2070. With 74 countries under pledge (representing 80% of global greenhouse gas emissions), almost the whole world became locked into net-zero commitments. However, the International Energy Agency’s (IEA) World Energy Outlook 2022 suggests that collectively, we are still not doing enough – nor acting quickly enough to inhibit the pace of climate change. It shows that while progress has been made in the last few years, current climate commitments and investments in clean energy, as depicted in the report, are still falling short of the level needed to ensure that the average global temperature rise in 2100 is limited to 1.5°C.

We perceive that COP26 has since been defined by ‘big talk’ with little tangible action - making this year’s COP27 theme of ‘Together for Implementation’ particularly timely. Loss, damages and climate-related devastation set the scene for the COP27. The event took place amid geopolitical and economic uncertainty, with concerns around energy security at the top of the agenda. The prevailing sentiment across the two weeks was exasperation due to the persisting slow pace of climate action.