Green Technology

COP27: No deal to section out oil and fuel, however the power transition continues


Local weather negotiations on the United Nations Local weather Change Convention, higher often called COP, are over for an additional 12 months. What can we take away from its twenty seventh iteration?

With the backdrop of battle in Ukraine and a worldwide power disaster, expectations going into this 12 months’s convention, held in Sharm el Sheikh, Egypt, have been decidedly low. 

Including to the stress have been stories from the UN and Worldwide Power Company indicating that the world continues to be set to soar previous the 1.5C warming restrict set by the Paris Settlement. Mixed with a sequence of local weather disasters in 2022, the stakes (in contrast to the expectations) have been excessive.

Now that COP27 is over and the mud has settled, we spotlight among the details of discussions and outcomes from the final two weeks—and what they imply for Canada. 

On the massive points, one step ahead and one step again

Two points loomed massive over COP27. 

The primary was “loss and injury,” the precept that rich international locations ought to compensate susceptible nations for the rising prices of local weather disasters (along with the US$100 billion in local weather finance for mitigation and adaptation that developed international locations have dedicated to). For the primary time, international locations reached a deal to arrange a loss and injury fund, considered by some as a “historic” step ahead. 

Nevertheless, as this 12 months’s devastating Pakistan floods confirmed, the human and financial prices of local weather change are already vital at simply over 1C of warming—and solely anticipated to rise. Lowering emissions from burning oil, fuel, and coal is the most affordable and simplest method to restrict the longer term impacts of local weather change. 

This was the second key concern that COP tried to grapple with and, sadly, did not make any headway on. Regardless of assist from 80 international locations—together with Canada, the EU, U.S., and India—COP27 failed to achieve a deal to “section down” oil and fuel alongside coal (agreed to eventually 12 months’s summit). This consequence places the 1.5C goal, already in jeopardy, on life assist. 

Our associates need clear power, not fossil fuels

Spoiling the rising narrative that Canada’s associates want extra of our oil and fuel, the EU in impact stated “thanks however no thanks.” As a substitute, the EU’s local weather chief made it clear that regardless of the power disaster, it has no plans to backtrack on its local weather targets and can come armed with a strengthened goal at COP28 in 2023. 

In the meantime, greater than 80 international locations at COP27 supported a proposal to section down the usage of all fossil fuels. This could give Canada’s federal and provincial governments a lot meals for thought.

Indicators of progress too

We additionally noticed indicators that the world is inching in the suitable path:

  • A thaw in relations between the world’s largest polluters, the U.S. and China, who look like on talking phrases once more (at the very least on local weather). And a promise from incoming president Lula that “Brazil is again.” 
  • On clear power, Indonesia reached a deal with the U.S., Japan, and several other different international locations to supply US$20 billion (of which half will probably be personal finance) to transition its electrical energy grid off coal. That is the second deal negotiated beneath the Simply Power Transition Partnership. If profitable, it may catalyze future offers with different rising, carbon-intensive economies.
  • On transportation, the U.S. joined Canada and 15 different international locations by committing to 100% zero-emission truck and bus gross sales by 2040. Development in passenger EVs exhibits no indicators of slowing, with gross sales growing 60% to greater than 10 million in 2022. 
  • On heavy business, COP noticed plenty of pledges to extend the availability of near-zero emission supplies whereas additionally scaling up demand. Canada has a key position to play in these initiatives as a lead member of the Industrial Deep Decarbonization Initiative and Cement Breakthrough
  • Barbados (answerable for beneath 0.01% of worldwide emissions) obtained widespread assist for its plan to lift over US$1 trillion in local weather financing from worldwide establishments and by taxing oil firms. 
  • As net-zero pledges by banks and personal firms proliferate, so do issues round greenwashing and inconsistent lobbying. A UN group—led by former federal Surroundings Minister Catherine McKenna—issued a set of tips to separate truth from fiction relating to net-zero claims. 

Although simply forgotten amid the binary narrative of the general settlement’s success or failure, these multilateral, sub-global efforts present the COP course of at its greatest.

Whereas the convention is over for an additional 12 months, local weather change will take no such hiatus. It’s now as much as Canada’s governments to speed up the power transition right here at dwelling. In spite of everything, actual international local weather progress is achieved by way of the collected actions of particular person international locations. 



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