Decarbonisation Disappointment from COP 27

World expectations for further climate mitigation and adaptation following the previous year’s efforts in Glasgow were deflated after a lack of meaningful decarbonisation strategy and collaboration on climate mitigation at COP 27.

With ongoing conflict in Europe, inflation and increased incidence of climate disasters, it adds to the disappointment that the world leaders at Sharm el-Sheikh did not manage to come to solutions and commitments that would provide a brighter future against the tide of climate change.

Although there is a wave of gloom over the outcomes of this year’s COP 27, positive outcomes have been generated which include:

• The creation of a loss and damage fund to help poorer countries that are most susceptible to the impacts of climate change
• An agreement to support a scale up of climate finance at multilateral development banks
• Establishment of a plan to deliver $20 billion of public and private funds for Indonesia to stop its reliance on coal.

Although the above points suggest positive progress has been made at COP 27, it does not negate the fact that no substantial outcome has been concluded in regard to climate mitigation and in particular, decarbonisation.

The irony grows as the countries who showed most resistance to decarbonisation commitments at COP 26 such as Saudi Arabia whose economy depend on global fuel use, are having more business from the west with no signs of cutting oil production.

This places doubt on whether a 1.5 degree temperature target is attainable as world leaders seemed to be more concerned with accepting a warmer world and putting energy into climate adaptation as evident from the loss and damage fund.

The cost of inaction from world leaders towards climate mitigation and decarbonisation is likely to result in a never-ending loop of global economic powers playing catch up to the effects of climate disasters that will ultimately be unaffordable and costly in both the economy and lives.

Credit : Jack Morphet (Integrum ESG Analyst)