COP 27 is now over. An outcome was reached on climate justice in the form of a fund to help countries that are affected by the climate crisis, but did not cause it. This is something that developing countries have been demanding throughout the COP meetings. It was an important and positive decision, even if the amount, the distribution of responsibility, the timing of payments and other details are still missing. The rich countries finally listened and are now taking responsibility.
But when it comes to the 1.5°C target, the result was meager. Technically, it is probably achievable, but hardly politically. The fossil fuel lobby is strong and phasing out coal and other fossil fuels is not mentioned in the final document. No progress was made since the last COP meeting in Glasgow. Countries' commitments to reduce emissions since that meeting have also not been met, despite the climate crisis unfolding before the eyes of all delegates in the form of the floods in Pakistan. And what happened in Pakistan will not be limited to Pakistan. Failure to meet the 1.5°C target will accelerate the need for funds from rich countries in the future.
What will be required now? One conclusion is that where nations fail, business must step in. Alongside the oil lobby, there is also a growing realization that fossil fuel dependence carries economic risks. Financial institutions are pushing for this, as their holdings could be affected. And EU reporting requirements on measures to reduce corporate climate crisis dependence are becoming law. That sustainability equals profitability is another insight.
At ZeroMission , we help companies measure their emissions, gradually reduce them and offset the remaining emissions. What we see sinking into the consciousness of many corporate leaders is that fossil dependency reduces their integrity and ability to control the future of their companies. It becomes an addiction that is uncontrollable. Not least, many have experienced this with energy prices. And it ultimately means taking big risks with shareholders' money. We see our task as reducing this risk.
