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Climate Update – COP26 27 And Beyond

Climate Update – COP26, 27 And Beyond

Monday, 30 January 2023

Commentary from Patricia Aizpurua Martin, Corporate Governance Manager

“Today, we can say with credibility that we have kept 1.5 degrees within reach. But, its pulse is weak.”

“And it will only survive if we keep our promises. If we translate commitments into rapid action. If we deliver on the expectations set out in this Glasgow Climate Pact to increase ambition to 2030 and beyond. And if we close the vast gap that remains, as we must.”

“Because as Prime Minister Mia Mottley told us at the start of this conference, for Barbados and other small island states, “two degrees is a death sentence” “

- COP26 President Alok Sharma

After two weeks of negotiations in November 2021, COP26 concluded with circa 200 countries agreeing the Glasgow Climate Pact to keep 1.5°C alive and with the finalisation of the Paris Rulebook; which sets the guidelines for how the Paris Agreement is delivered.

At the end of COP26, it was highlighted that “when the UK took on the COP26 mantle, in partnership with Italy, nearly two years ago, only 30% of the world was covered by net zero targets. This figure is now at around 90%. Over the same period, 154 Parties have submitted new national targets, representing 80% of global emissions.”

Six months ahead of COP27, COP26 President Alok Sharma highlighted the importance of delivering the Glasgow Climate Pact as it:

  • Calls on countries to phase-down unabated coal power and phase-out inefficient fossil fuel subsidies.
  • Requests countries to revisit and strengthen their 2030 emissions reduction targets, as necessary, to align with the Paris temperature goal by the end of this year.
  • Urges developed countries to scale-up climate finance, and specifically to double finance for adaptation by 2025.
  • Underlines the central importance of adaptation, the dangers of loss and damage, and the need to scale-up action and support for both.


Aiming to accelerate global climate action now that we have better understanding around the gravity of the global climate challenge as science has established, Sharm el-Sheikh, Egypt, hosted COP27. The Conference, presided by Egypt Foreign Minister H.E. Sameh Shoukry, took place from 6 to 20 November 2022 and ended up with a significant number of initiatives and pledges:

  • The Forest and Climate Leaders’ Partnership (FCLP) committing to halt and reverse forest loss and land degradation by 2030 as promised in the Glasgow Climate Pact.
  • The Sharm-El-Sheikh Adaptation Agenda in partnership with the High-Level Champions, which outlines 30 Adaptation Outcomes to enhance resilience for 4 billion people living in the most climate vulnerable communities by 2030.
  • The first phase of a project to establish a major green hydrogen plant in Egypt's Ain Sokhna on the Red Sea.
  • Signature of the partnership agreements for Egypt’s Country Platform for the Nexus of Water, Food, and Energy (NWFE) Program and NWFE Plus, and the finance agreements for the Egypt Partnership Agreements for Climate Transition (E-PACT).
  • The Reducing the Cost of Green and Sustainable Borrowing initiative to allow African countries to invest in towards climate resilience and the Sustainable Development Goals.
  • The report "Finance or Climate action: scaling up investment for climate and development” to help develop and put forward policy options and recommendations to encourage and enable the public and private investment and finance necessary for delivery of targets of the UNFCCC and the Paris Agreement.
  • The “Sharm El-Sheikh Guidebook for Just Financing” to translate commitments into implementable projects, while capturing opportunities to leverage and catalyse needed finance and investments to support climate action.
  • The Egypt’s 1st Vulnerability Assessment Map.
  • The One Health Initiative to improve the health of humans and animals in the face of the impact of climate change.
  • The Sharm El Sheikh Methane Reduction Roadmap and East Mediterranean Gas Forum decarbonization initiative for urgent action to reduce emissions across industry with a specific focus on the most carbon intensive sectors including steel, oil, gas, and fertilizers.
  • A major package of support for Africa of over USD $150 million for adaptation.
  • The Food and Agriculture for Sustainable Transformation or FAST initiative to increase climate finance contributions for agriculture and food systems to support the most vulnerable communities.
  • The Climate Responses for Sustaining Peace (CRSP) initiative to mobilize integrated climate responses that advance sustainable peace and development.
  • The Decent Life for a Climate Resilient Africa initiative to address the improvement of the quality of life of the most vulnerable in Africa by 2030.
  • The Initiative on Climate Action and Nutrition (I-CAN) initiative to address the delivery of healthy diets.
  • The Action on Water Adaptation or Resilience (AWARe) initiative to champion inclusive cooperation to address water related challenges and solutions across climate change adaptation.
  • The African Women’s Climate Adaptive Priorities (AWCAP) initiative to ramp up the inclusion of women for a climate-resilient future.
  • The Africa Just & Affordable Energy Transition Initiative (AJAETI) to provide all Africans with access to clean energy, whilst meeting the energy requirements for Africa’s economic development.
  • Action for Climate Empowerment (ACE) framework empowers members of society to engage in climate action.
  • The Enhancing Nature-based Solutions for Climate Transformation (ENACT) initiative to secure up to 2.4 billion hectares of healthy natural ecosystems, through restoration, protection, and sustainable management.
  • The Friends of Greening National Investment Plans in Africa and Developing Countries initiative to shape the process of planning and designing the economic policies in a manner that factors in the impact of climate change, quantifying the efforts made in mitigation and adaptation, while also identifying the gaps and support needed, and proposing a set of essential guidelines, criteria, and policy advice, to expedite the implementation of the UNFCCC, Paris Agreement and the NDCs.
  • The Low Carbon Transport for Urban Sustainability (LOTUS) initiative to improve access to low carbon and resilient urban mobility solutions and strengthening the foundational enablers of change as the first-order priorities.
  • The Sustainable Urban Resilience for the next Generation (SURGe) initiative to effectively address some of the barriers that limit urban emissions reductions, adapting urban systems to climate change, and building urban system resilience.
  • Global Waste Initiative 50 by 2050 initiative to treat and recycle at least 50% of the solid waste produced in Africa by 2050.