The Conference of the Parties to the United Nations Convention on Climate Change (COP27) is scheduled to convene in Sharm El-Sheikh in November 2022 in more difficult circumstances than its predecessor.
It is expected to be held before the world economy recovers from the COVID-19 epidemic.
In the midst of the "Ukraine crisis" and the tensions and divisions that hit the energy, food, and transport markets, and in light of an unprecedented rise in prices, which negatively affected the money and gold markets and central banks, doubled the number of the poor and those at risk of starvation to 193 million, according to the latest FAO report.
The global economy has been affected by symptoms of cumulative inflation and confusion, and so on from successive daily repercussions.
Therefore, the Sharm el-Sheikh conference will take place in light of unstable international conditions. It has cast a shadow over its discussions and outputs, despite that, the acceleration of pace to implement development projects for the use of clean, renewable energy and green hydrogen.
The significant shift in the use of these clean energies in transportation is certainly a positive thing. The international powers will remain responsible for the success of the COP27 summit by working to remedy the pitfalls, seize the opportunities, and move forward with what the countries pledged to protect the planet.
The upcoming conference agenda is as follows:
Follow-up on the implementation of the commitments of the previous COP26 summit in Glasgow, including:
- Financial support for the Specialized Green Fund to support mitigation and adaptation projects in developing and poor countries affected by climate change.
- Reaching agreement on issues that were not resolved in Glasgow, such as the proposal to establish an international mechanism for Loss and Damage to fund losses and damages for the benefit of the affected countries and islands in the oceans.
- Follow-up on the commitment of the major industrialized countries to their commitments to reduce their emissions of greenhouse gases to limit global warming at 1.5 degrees Celsius until 2030 in preparation for reaching carbon neutrality by the middle of the century. Post COP27
Egypt's organization of the COP27 Conference represents a historic opportunity that must be taken advantage of to mobilize all efforts to address the dangers of climate change and its negative effects on the development process.
In addition to the policies and measures taken by the Egyptian government, it is also necessary for the participation of all civil society institutions and the private sector to take advantage of the opportunities offered by such participation in the areas of capacity-building, awareness-raising, and transfer of environmentally friendly technology, in addition to the green finance opportunities available in the financial markets.
"Egypt's organization of the twenty-seventh Conference of the Parties represents a historic opportunity that must be taken advantage of to mobilize all efforts to address the dangers of climate change and its negative impacts on the development process.
In addition to the policies taken by the Egyptian government, it is also necessary for the participation of all civil society institutions and the private sector to benefit from the opportunities offered by such participation in the areas of capacity building, raising awareness, and transferring environmentally friendly technology."
The following could be useful:
- Launching the "Green Africa" initiative to transform the African continent into a green economy as a mechanism for facing economic, environmental, or social challenges, including climate change, and achieving security in the field of energy, water, and food.
- Participation of the private sector in the round tables and other current events to see the new opportunities available in the various sectors of energy, industry, transport, buildings, agriculture, and waste.
- The formulation by private sector organizations of a "green road map" that includes feasibility studies for the development and modernization of the industrial and agricultural sectors, as well as energy sources to comply with the needs of adapting to climate change and sustainable development goals.
- Banks take the initiative to study the economic feasibility of the projects proposed in the private sector initiatives and the possibility of providing the necessary financing for them.
- The country takes the initiative to announce a package of incentives and tax exemptions for green projects.
- Exploiting the COP27 an opportunity to hold round tables between the Egyptian and Arab private sectors and its theory at the regional and international levels.
- Taking advantage of the huge renewable energy potential in Egypt to become a regional center for clean energy for the export of electricity and hydrogen.
- Adopting effective policies and procedures to reduce energy consumption and improve the efficiency of its use.
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