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COP27 – Setting the Path to Net Zero
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The 27th annual United Nations Conference of the Parties or COP 27 recently concluded at Sharm el-Sheikh in Egypt. COP27 will certainly be remembered as the COP of Loss and Damages. It reached a Breakthrough Agreement on a New “Loss and Damage” Fund for Vulnerable Countries. How the fund will be set up and who will pay how much to it will be a topic for future COP negotiations.
The countries reaffirmed their commitment to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels. The package also strengthened action by countries to cut greenhouse gas emissions. There was a continued commitment to boosting the support of finance, technology, and capacity building needed by developing countries.
In addition, the UN Secretary-General’s High-Level Expert Group on Net-Zero Commitments published a how-to guide to ensure credible, accountable net-zero pledges by industry, institutions, cities, and regions.
The private sector also took a leading role at COP27, particularly across the areas of climate ambition, low-carbon technology, and climate adaptation. It was recognized that the adaptation market could be worth $2 trillion per year by 2026, with the developing world standing to benefit from much of this.
More than 100 CEOs and senior executives of large multinational corporations signed an open letter to leaders at COP27. They committed to working side-by-side with governments to deliver bold climate action. And it also encourages all businesses to accelerate the Net Zero transition by setting science-based targets, disclosing emissions, catalyzing decarbonization, and partnerships across global value chains.
FutureBridge’s industry practice teams have taken lead in sharing insights on how industries can take steps to transition to Net Zero. Over the last year, we have made available actionable insights thru webinars and a series of articles that include,
Webinars
Lithium-Sulphur Battery: A Breakthrough towards Net-Zero Economy
Precision Agriculture – The Digital Future of Farming
Future of Vehicle Manufacturing for Circular Mobility
Green Hydrogen from Offshore Wind: Viable and Scalable Business Case?
Green Steel – Road to Cleaner & Sustainable Future
Articles
Melamine – the ‘Avenger’ for Carbon Capture Technologies?
Green Ammonia – An Alternative Fuel
Solid-state Batteries to Make Inroads in EVs by 2025
Renewable Fuels: A Transition to Clean Energy
Plastic Recycling Initiatives of Food and Beverage Players
Connect with prakash.dogra@futurebridge.com to engage FutureBridge on what practical steps can be taken to achieve sustainability and growth across your industry value chain.
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