No time to waste, the only way is forward – COP27 and the accountable road to COP28

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23 November, 2022


Insights from the CEO



Peter Bakker

Now COP27 has come to a close, let me send some key notes of the essential take-aways to you:

  • Despite many of us thinking that COP27 in Sharm El Sheik would not be a big COP, the attendance levels were much higher than anticipated. More than 50,000 delegates made the trip over to Sharm El Sheikh in Egypt, as well as more heads of state compared to some other COPs.
  • Science and recent weather events helped to emphasize the urgency around the need to stay below 1.5°C.
  • In the final outcome document agreed in the very early hours of Sunday 20 November, the major new element was the agreement to set up a loss and damage fund to help poorer countries facing the harmful effects of climate change. 
  • In terms of climate mitigation, there was no backsliding from the Glasgow agreement – which was feared at one point during COP27 – but no major step forward was agreed either. 

Outside of the negotiation rooms, the picture was much more positive:

  1. We need more companies to set science-based targets, 
  2. Any company that sets a target without a transition plan toward implementation is no longer seen to have a credible target, 
  3. Any transition plan without transparent disclosures on the progress toward the target will soon no longer be accepted by financial markets.

We will put in our best efforts to mobilize as many business leaders as possible to join the COP28 meeting next year. More soon!