HomeEnergy & SustainabilityCOP 27: What was agreed upon at Egypt’s climate conference?
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November 8, 2022 1:32 pm

COP 27: What was agreed upon at Egypt’s climate conference?

Top leader quotes from the summit
COP 27
Leaders attending COP 27

COP 27 – officially the Conference of the Parties of the UNFCCC – kicked off on Sunday presided over by the Egyptian Minister of Foreign Affairs, Ambassador Sameh Shoukry.

Heads of state arrived for the World Leaders’ Summit, which took place on Monday.

A key focus of this year’s 12-day event will be the implementation of agreed efforts to contain planet-warming emissions and commitments to investing in green sources of energy.

How rich countries can help developing nations make the transition to sustainable energy was also among the crucial themes. 

More than 190 countries are participating in COP 27 being held from November 6 to 18, some of whom are represented by its leaders. Civil society organizations concerned with climate will also be present.

Read more: COP 27: Climate Change Initiatives and Alliances

Major decisions, alliances

 

  • The U.S. and Norway have joined forces to launch a new global initiative to reduce greenhouse gas emissions from shipping.
  • Launching of the “International Coalition to Withstand Drought.” The new alliance will benefit from seed funding of 5 million euros provided by Spain to launch the project and to garner additional support.
  • Saudi committed $2.5 billion to the Middle East green initiative
  • Saudi and Egypt also signed an agreement to cooperate in the fields of electricity, renewable energy, and clean hydrogen, in order to achieve their common goals in these areas.
  • First Movers Coalition committed $12 billion to commercialize zero-carbon tech and cut emissions.
  • The UN unveiled a plan of action worth more than $3 billion to protect the entire world from weather disasters through an early warning network within five years.
  • The total annual investment requirements of developing countries will reach $2.4 trillion by 2030. The current investment was about $500 million. 

Major quotes

 

Speeches by the leaders of the countries continued to call for working hard to protect the world from the effects of climate change.

Some of the key quotes delivered are as follows:

Saudi Crown Prince Mohammed bin Salman

“We want renewable energy to account for 50% of our consumption by 2030, the Kingdom wants to be carbon neutral by 2050. The PIF targets net zero emissions through sustainable development by 2050.”

Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE

“The UAE will continue to supply oil and gas for as long as the world needs it. The UAE will continue to play this role for as long as the world needs oil and gas.” 

UN Secretary-General Antonio Guterres

“We are in a struggle for our lives… and we’re losing. Greenhouse gas emissions continue to grow. Global temperatures continue to rise. Our planet is fast approaching tipping points that will make climate chaos irreversible. ”

Egypt’s President Abdel Fattah El-Sisi

“Are we today closer to achieving our goals than we were a year ago?” Have we been able to shoulder our officials as world leaders over the last year while dealing with the most dangerous and influential issues of the century?”

Emmanuel Macron, President of France

“Even if our world has changed, the climate issue cannot be a balancing item of the war unleashed by Russia on Ukrainian soil (…) We will not sacrifice our commitments to the climate due to the Russian threat in terms of energy so all countries must continue to uphold all their commitments.”

IMF Managing Director, Kristalina Georgieva

“Unless we price carbon predictably on a trajectory that gets us at least to $75 average price per ton of carbon in 2030, we simply don’t create the incentive for businesses and consumers to shift.”

William Ruto, President of Kenya

“In the face of impending catastrophe, whose warning signs are already unbearably disastrous, weak action is unwise. No action is dangerous.”