Six key themes of the COP27 Climate Summit

Sharm El-Sheikh, Egypt.- The United Nations Conference on Climate Change began the work of COP27, whose agenda includes six key issues: just transitions, food security, innovative financing for climate and development, investment in the future of energy, water security and climate, and finally change and sustainability of vulnerable communities.

Additionally, COP27 officially placed loss and damage financing on its agenda for the first time. This was announced by the Egyptian Foreign Minister, HE Sameh Shoukrywho was formally elected as COP27 president during the opening plenary, and in his speech he emphasized that, despite challenging economic and geopolitical factors, “external circumstances must not be allowed to negatively affect the negotiation process.”

This, given the high expectations they have caused in issues related to financing; but at the same time with the fulfillment of the goals that each nation has presented to reduce Greenhouse Gases (GEI) in 2030.

This Monday the participation of Anthony GuterresSecretary General of the United Nations Organization (UN), who has recognized that the urgent crises of
TODAY-YESTERDAY cannot be an excuse for relapse or greenwashing. “If anything, they are a reason for greater urgency, stronger action and effective accountability.”

Therefore, it will seek to advance the possibility of a historic pact between developed and emerging economies: a Climate Solidarity Pact.

This is a Pact in which all countries make an extra effort to reduce emissions this decade in line with the 1.5 degree target.

“A Pact to End Dependence on Fossil Fuels and the Construction of Coal Plants: Phase Out Coal in the Countries of the OECD by 2030 and in all others by 2040”.

Another of the fundamental issues that will be under discussion these two weeks at COP27, is that referring to Carbon Markets, which are commercial systems in which two types of products are marketed: CO2 emission rights or permits that are acquired by countries, cities, companies or individuals to achieve their climate change mitigation goals.

CEOs present letter to world leaders

In parallel, more than 100 CEOs of large multinational organizations, all members of Alliance of CEO Climate Leadershave strong convictions that climate goals can be achieved, only if there is support from governments.

“We acknowledge the positive progress to date. Under current policies, emissions are projected to reach 58 GtCO2e in 2030, 2 GtCO2e less than in 2019, but still 25 GtCO2e more than is essential to limit warming to 1.5 degrees Celsius. This gap is equivalent to the annual emissions of 5.4 billion cars.”

Mexico, towards decarbonization

The most recent information on Mexico’s commitment was presented by the Secretary of Environment and Natural Resources, Maria Luisa Albores Gonzalezwho said that there is a commitment by our country to reduce 30% of greenhouse gases by 2030 and up to 40% in a conditional manner.

He explained that in order to reach the 30% goal, 35 measures have been identified in all economic sectors that are classified into three categories: natural solutions, transportation with low carbon emissions, regulation and industrial promotion; with which an estimated total annual mitigation of 88.9 million tons of carbon dioxide equivalent (MtCO2e) by 2030.