Representatives from government, businesses and civil society will gather in Sharm El Sheikh, Egypt, for the COP27, 27th conference of the parties , amid growing urgency to tackle the climate crisis.
This year’s meeting comes at a critical moment for climate action: just since the last COP, COP26 in Glasgow, multiple overlapping crises have threatened to derail the low-carbon, resilient transition. The war in Ukraine, rocketing inflation, strained budgets and energy shortfalls have caused fuel and food insecurity. At the same time, climate impacts are getting worse: extreme floods in Pakistan claimed hundreds of lives and displaced millions, droughts in China and the horn of Africa impacted millions, and Europe saw scorching heatwaves and its worst drought in 500 years.
The negotiations are expected to focus on the need to strengthen and implement climate pledges, significantly increase the flow of climate finance into projects on the ground, and address critical adaptation needs.
In addition to country delegations, the COP will also see representatives from businesses, multilateral institutions, civil society and youth.
The stakes could not be higher: failing to act quickly enough to reduce greenhouse gas (GHG) emissions could mean considerably steeper costs in the future: as much as $178 trillion over the next 50 years or double the current global Gross Domestic Product (GDP). More importantly, delaying action could mean potentially irrevocable damage to lives and livelihoods around the world.