The 27th Conference of the Parties to the United Nations Framework Convention on Climate Change, Paris Agreement, was held form 6th to 20th November in Sharm El-Sheikh, Egypt concluded with a historic decision to establish and operationalize a loss and damage fund.
Welcoming the decision and calling the fund essential, UN Secretary-General António Guterres said that more needs to be done to drastically reduce emissions now. “The world still needs a giant leap on climate ambition.”
From 6 to 20 November, COP27 held high-level and side events, key negotiations, and press conferences, hosting more than 100 Heads of State and Governments, over 35,000 participants and numerous pavilions showcasing climate action around the world and across different sectors.
Some of the points sealed at the conference include –
- Parties agree to historic loss and damage fund at COP27 to support developing countries that are particularly vulnerable to the adverse effects of climate change
- Paris Agreement remains intact – no backsliding or backtracking as commitments reaffirmed and strengthened despite global headwinds
- Progress achieved across the board at climate change talks and 1.5°C goal still in sight
- Agreement calls for multilateral development banks and international financial institutions to reform practices and priorities to ensure simplified access to climate finance
- Egyptian COP Presidency urges developed nations to follow the lead of those Parties who made substantial financial commitments
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B&S is at the forefront of the UK’s decarbonisation and electrification journey, delivering bespoke integrated power solutions for a number of the UK’s largest energy suppliers. Our continued investment in research and development are key in our ability to supply the best quality and technology for the ever-evolving renewable energy market.