Between 6-18 November 2022, Egypt hosted the 27th edition of the Conference of the Parties of the UNFCCC (United Nations Framework Convention on Climate Change), most commonly known as COP27. World leaders gathered in Sharm el-Sheikh to examine the main issues affecting our society and the planet – ranging from natural disasters to the war in Ukraine, up to climate reparations – with the ultimate goal of establishing the next steps and taking action towards achieving the world’s collective climate goals
The conference featured visits by government representatives, proposals by business leaders from the private sector, and negotiations by nearly 200 nations. Considering side events, key negotiations, and press conferences, COP27 was attended by over 35,000 people from all sectors and industries, all working across numerous pavilions displaying many examples of climate action globally.
In light of the current world scenario, the event and its key messages were considerably affected by the pressing need for secure and affordable energy, as pointed out by Forbes. The sustainability-oriented agenda that was designed last year is also set to decelerate at least in the near future, with the Sharm El-Sheikh conference placing instead greater emphasis on longer-term goals to keep working on limiting the global temperature rise to 1.5 degrees Celsius, as provided for in the Paris Agreement.
When analysing the conference’s concrete outcomes a week after its conclusion, the decision to create a loss and damage fund for countries that are most vulnerable to the climate crisis stands out as the most important achievement. The fund was indeed welcomed as one of the most important decisions in our path towards the Net-Zero transition as it will finally be a way to support poorer countries facing the harm caused by climate change, helping eventually fill the gap of inequities between rich and developing countries.
During the recent COP27 the private sector played a major role thanks to their extensive presence and the several actions and commitments announced during the conference. For example, leaders from thousands of companies across the world committed to working towards limiting the global temperature rise to 1.5 degrees Celsius. Additionally, more than 100 CEOs members of the Alliance of CEO Climate Leaders signed an open letter committing to work alongside governments to deliver climate action and accelerate the Net-Zero transition though science-based targets, cutting emissions and bringing forward decarbonisation.
Finally, thinking of our industry and our mission to lead in the digital transformation process and encourage a sustainable digitalisation approach, another important takeaway from the conference was the launch of a new five-year work programme at COP27 to promote technological solutions to tackle climate change in emerging countries.
For instance, the Technology Executive Committee (TEC) and the Climate Technology Centre and Network (CTCN) launched a collaboration with a dedicated programme to help advance the implementation of impactful climate technological innovations which are urgently needed to combat climate change.
Considering all sectors, starting from energy, infrastructure, mobility, but also finance and many others, technology is crucial for the success of the so-called “green transition” – and it is highly important to do our part to innovate and take action, ultimately supporting the achievement of concrete sustainability goals and KPIs.
For our part, at RGI Group we strongly believe in the importance of fostering sustainable development through digitalisation, and we are committed to create and offer value in a sustainable way, through our work on new technological solutions, strategic partnerships, and innovative products.