Was COP27 a major breakthrough? Altruistiq cuts through the noise and outlines the critical developments made at COP27 that corporations need to know about.
The Egyptian presidency had promised an ‘implementation COP’, where pledges would give way to action. However, there is a collective agreement that COP27 was largely chaotic and disappointing. The results achieved more on the impacts of climate change than on the causes. It is widely acknowledged that the peripheral agreements from businesses were much more promising.
COP27 delivered a loss and damage fund but failed on reducing emissions. Keeping 1.5°C alive requires a level of momentum not shown by governments at COP27. However, growing business sustainability ambition gives hope. Progress since COP26 has shown more companies setting credible targets (for example, SBTi announced that 4,000 companies have made SBT commitments and targets, more than double the number at COP26). Private sector collaboration has increased, with companies sharing concrete numbers on green investment and emissions reduction. Together with the policy developments outlined above, business ambition and action are set to continue increasing.
We know the level of action we need. With rising business ambition, solutions like Altruistiq can help facilitate the shift to action. Get in touch if you want to discuss the implications of COP27 on your business by emailing firstname.lastname@example.org.
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