No new commitments, but rather a focus on the implementation of previous commitments is what investors expect to set the tone at COP27, the United Nations’ annual climate change conference that started in Egypt on Sunday.
Schroders, an independent investment management firm, its investment experts for their views on the conference, why it matters for investors and what they think will be the main issues under discussion. Irene Lauro, environmental economist at Schroders, says COP27 has been framed as an implementation summit and, therefore, conversations are unlikely to focus on new mitigation measures to reduce emissions, but rather on how...
The Paris Agreement is a legally binding international treaty, agreed to at COP21 in Paris in 2015, with the goal to limit global warming to well below 2˚C, preferably to 1.5˚C, compared to pre-industrial levels. However, the events of the year also pushed adaptation up the agenda. In 2022, Europe experienced its hottest summer in 500 years, Pakistan declared a state of emergency after two thirds of the country was flooded and Cuba and the Philippines were hit by typhoons and hurricanes simultaneously.
“The extreme energy insecurity felt this year related to fossil fuel supply used as a weapon, among others, not only reduces growth potential globally, but many jobs might be lost as a result,” Eggerstedt says. Andy Howard, global head of sustainable investment, agrees and says in practice, he does not expect big things from COP27.
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