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COP27 Day 3 - Finance Day



Photo credit: UNFCCC 2022


Day 3 at COP27 was billed ‘Finance Day’. This is one of 11 thematic days, covering decarbonisation, energy, biodiversity and more. Don’t worry, we will keep you posted!


Finance is the cornerstone for implementing climate actions and scaling up ambition, which is why much of the COP27 negotiations will focus on this topic. There are three types of climate finance under discussion:


1. Finance for cutting emissions

2. Finance to help nations adapt to inevitable climate impacts

3. Finance for loss and damage already caused


Although there were no major commitments made on funding or filling up the Green Climate Fund, their were some steps taken yesterday that will no doubt build momentum as COP27 negotiations go behind closed doors. For example, the UK said it would allow some debt payment deferrals for countries hit by climate disasters. Austria and New Zealand pledged funding for loss and damage to contribute to the cost of rebuilding in poor nations after unavoidable climate impacts. The UN also announced an initiative to reduce the cost of green and sustainable borrowing for climate-vulnerable countries.


One thing companies need to take note of is that there is a lot of interest at COP27 about how the private sector can engage fully in the race to net zero. The opening speeches of the last few days which have focused on the sobering facts and forecasts around climate change are going to impact consumer buying preferences. The ‘E’ in ESG strategy is going to need some significant focus in the coming weeks, months and years and it will need buy in at every level of the organisation.


 

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