[co-author: Kerry Mackenzie]
Talks during the ninth day of COP 27 focused on youth, biodiversity, coastal zones and transport. Here’s what business leaders need to know to stay current on climate policy:
- Green groups are disappointed from the suspension of action at COP 27, pointing to pledges made by Group of 20 (G20) leaders to demonstrate that climate proceedings can still proceed despite the global conflict.
- Russian diplomats are coming put aside at the COP 27 and G20 talks after a recent incident with Poland. The leaders of most countries refused to speak or take pictures with the Russian envoy, and many gave speeches condemning Russian aggression towards Ukraine and the global increase in fossil fuel use linked to the conflict.
- Japan announced that more than 60 countries, including the United States, have joined its Article Six Implementation Partnership, designed to educate signatories on carbon market best practices and technologies.
- Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC) Simon Stiell thanked Japan for the initiative, stating that “effective and rapid implementation of Article Six around the world can be a game changer in our efforts against climate change.”
- The European Union (EU) and Egypt agreed jointly develop and produce renewable hydrogen. The EU will help Egypt develop the technology, infrastructure and skills needed to produce the energy, most of which it intends to import.
- Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla She said of the deal”[it] reinforces the importance of collaboration between different stakeholders to create synergies and bring expertise, resources and technologies to develop solutions to address climate change”.
- 17 countries engaged in 10-point plan for financing biodiversitypledging to increase funding for parks, protected areas, watershed management, reforestation, forest management, wildlife care, ecosystem restoration, combating invasive species, securing supply chains sustainable and other actions aimed at conserving biodiversity.
- The implementation of the plan will be discussed at the upcoming 15th meeting of the Conference of the Parties to the Convention on Biological Diversity in Montreal from 7 December to 15 December.