COP27: week one recap

On Sunday, the 2022 United Nations Climate Change Conference, COP27 - UN Climate Change Conference , kicked off in Sharm El-Sheikh, Egypt. With over 90 heads of state expected to attend among thousands of other delegates from across the globe, the two-week summit will feature discussions on the full range of climate, environment, and energy topics.

COP in 2022

Coming at the end of a year marked by severe weather disasters, tough conversations are developing around a response to the more frequently felt impacts of climate change and, more controversially, who is responsible for funding them. Central to the controversy is the idea of payments for losses and damage, or reparations, for the harm caused by emissions from overwhelmingly developed nations.

Being the first COP hosted in Africa since 2016, this is a major point of contention as much of the developing world, with a significant African representation, is demanding support for dealing with the growing impact of climate change. But that is not the only issue on the docket, no matter the importance. Among the pavilions and within the meeting rooms of the conference, some noteworthy deals have already come to bear this week for the European energy sector.

Europe at COP27

Facing Europe now is the brunt of the global energy crisis brought about by Russia’s invasion of Ukraine. As time goes on, this will only be amplified by the detrimental impacts of climate change. With this in mind, two noteworthy deals that have already come out of this week include a raw materials deal with Kazakhstan and additional signatories to the Global Offshore Wind Alliance (GOWA) including six European countries.

Raw Materials

Of the former, the deal is of dual importance to Europe’s energy security and energy transition. The Fit for 55 package from July 2021 introduced ambitious targets to reach European climate objectives which were then reinforced by this May’s REPowerEU plan. That plan upped the ante on clean energy procurement in Europe, this time to secure energy security in light of a hostile Russia. Significant clean energy capacity additions are earmarked for this decade, as well as a call for scaling up green hydrogen, requiring massive amounts of raw materials. This strategic partnership will lead us to more secure supply chains for these materials.

“A secure and sustainable supply of raw materials, refined materials and renewable hydrogen is a key layer to help build a new, cleaner foundation for our economies,” ~ Ursula von der Leyen , President of the European Commission

Global Offshore Wind Alliance

Regarding the latter, a total of nine countries have come together to tackle economic, energy security and climate challenges with the emerging technology of offshore wind. Spearheaded by International Renewable Energy Agency (IRENA) , Denmark, and the Global Wind Energy Council (GWEC) , the alliance aims to reach a total of at least 380 GW of installed offshore wind capacity by the end of 2030. Joining up to the alliance this week includes six European countries - Germany, Belgium, Ireland, the Netherlands, Norway, and the UK - alongside the US, Japan, and Columbia.

“Offshore wind represents a unique opportunity for countries to add huge volumes of new zero-carbon power generation, increase their climate ambition and ratchet up their NDCs. Offshore wind is more than competitive with fossil fuel generation and can also provide a massive boost to investment and job creation.” ~ Francesco la Camera, Director General IRENA

Eurelectric at COP27

Over the next week, more negotiations and deals are to be expected. Inclusive of that, Eurelectric will be represented by two members of the Secretariat and seven representatives from our Structure of Expertise. Our delegates will take part in a number of sessions, including one on the dual crisis of climate and energy, and a presentation of our #PowerBarometer22 to Chinese delegates. We will also be signing a memorandum of understanding with The Nature Conservancy to push for integrated renewable solutions that tackle the climate, and biodiversity crises in tandem. Stay tuned for more on that in next week’s recap.

?

?