COP27 finally struck a landmark agreement and published its final document in the early hours of Sunday morning (20 November), more than 36 hours after discussions were scheduled to finish.
While a monumental agreement was delivered that will see developed nations contribute to a loss and damage funding facility, expected to commence next year, some delegates expressed their disappointment at the weakening of key language in the final text that creates confusion and potential loopholes around “low emissions” energy to be used alongside renewables. Furthermore, many countries said they felt pressured to give up on tougher commitments for limiting global warming to 1.5 degrees Celsius in order for the landmark deal on the loss and damage fund to go through.
What is the impact of COP27 for business?
On 8 November 2022, the COP27 Presidency launched the Sharm-El-Sheikh Adaptation Agenda – the first-ever comprehensive global action plan rallying governments and non-state actors behind 30 adaptation goals for a resilient world by 2030.
This framework signals a growing expectation that business, alongside other contributors (countries, cities, investors, civil society), take action to contribute towards fighting climate change.
The outcomes of COP27 reinforced a need for businesses to adapt to expand their business footprint, achieve efficiency gains, innovate for the future, and enhance long-term sustainability. But how?
- Increase Resilience
Companies should assess their climate risks and build sufficient resilience. Companies should study the risks in their supply chains, identify risk hotspots, prioritise areas for adaptation, and support stakeholders in their supply chains with the technical skills and financial support they need to adapt.
- Focus on opportunities
Businesses can use their skills in investment and innovation to develop and scale products and services that enable society to live sustainably in the new climate reality.
- Consider Collaboration
Managing climate change requires all parts of society to work together. Businesses can participate in multi-stakeholder efforts that promote action on climate change adaptation.
How can we help?
Our environmental consultants an help you to reduce your carbon and achieve net-zero emissions through our carbon management services. We will spend time learning about your business’s operational processes and ambitions and offer guidance on how to design and implement systems that work for you.
Groundwork is a charity who recognise the important role businesses play in the community, and that’s why we’re keen to build long-term relationship with the organisations we work with.
We want to help you to continually improve your carbon management processes and can provide you with ongoing reviews or annual audit assessments depending on your needs.
Speak to one of our consultants today to learn more.