Monday at COP 27

With COP 27 upon us we’ll be sending regular insights as to what was announced and items of interest for businesses.

Tech doesn’t have a set day, but as a horizontal will be a theme in lots of other days and I expect some big announcements tomorrow on ESG disclosures/sustainability reporting and we’ve also seen the Transition Pathways Taskforce publish their conclusions (we’ll get a full summary out tomorrow). Members can access talks and events via this website if you’re not there, and there are a number of themed days that may be of interest.

The big Monday/Tuesday update was high level ambition from countries and the UK made the following commitments:

  • The Prime Minister’s statement can be accessed here setting out the UK approach to climate finance.
  • After much speculation (and very little handing over of money), the UK will commit the full £11.6bn international climate fund it agreed to last year. However the Prime Minister said it may not happen over the originally planned 5 years, because some projects would not be ready or investable in that time frame.
  • The UK will triple funding for adaptation programmes from £500m in 2019 to £1.5bn in 2025. 
  • Smaller pots of funding were announced across a whole range of programmes including £65m in to the Nature, People and Climate Investment fund, £65m for Clean Energy Innovation Facility, plus £100m to help developing countries respond to climate disasters.
  • £150m will be spent as part of a new forestry protection initiative called the Forests and Climate Leaders’ Partnership, with most going on projects in the Congo Basin.
  • The UK also announced new bilateral and multi-lateral partnerships including a Memorandum of Understanding with Colombia to renew the Partnership for Sustainable Growth, as well as the UK-Kenya Strategic Partnership.

Members who are at COP or have an opinion or announcement they would like to amplify should email [email protected] for inclusion on the Climate Action Hub.

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