Climate Action

COP27: A pivotal moment in the fight against climate change?

COP27 climate change pledges

Turning pledges to implementation plans is a high priority for COP27. Image: Unsplash/Markus Spiske

Nick van Mead
Journalist, Writing for Neste
Our Impact
What's the World Economic Forum doing to accelerate action on Climate Action?
The Big Picture
Explore and monitor how Climate Crisis is affecting economies, industries and global issues
A hand holding a looking glass by a lake
Crowdsource Innovation
Get involved with our crowdsourced digital platform to deliver impact at scale
Stay up to date:

Climate Crisis

  • It's becoming clear that the world is reaching a tipping point when it comes to limiting global warming to 1.5°C.
  • This is why turning emissions pledges into implementation plans is a high priority for COP27.
  • There will be a push to build on the decarbonization momentum built up at COP26, including future technologies to help the world get closer to net zero.
  • And there will be a strong emphasis on finance and adaptation, including ‘loss and damage’ compensation for countries facing economic impacts due to climate catastrophes.

Since the Paris Agreement, there has been increasing awareness and momentum around the importance of limiting global warming to no more than 1.5°C above pre-industrial levels. It is clear that we are reaching a tipping point in whether reaching this goal will be possible. Together with the volatile geopolitical backdrop that has dominated world dynamics since early 2022, Egypt’s climate summit has its work cut out.

Senja Kuokkanen, Climate & Circular Economy Team Sustainability Manager for Neste, the leading producer of renewable diesel and sustainable aviation fuel, is clear about the pivotal role of COP27 to build on the momentum and ambitious pledges made at last year’s COP26 in Glasgow.

She says: “COP27 may be a ‘make it or break it’ opportunity to turn ambitions into actions, and keep the 1.5°C goal at reach.”

What can we expect from COP27?

Turning pledges to implementation plans is a high priority for COP27, but there will also be a strong emphasis on finance and adaptation – a change from the previous focus on mitigation (i.e. reducing emissions to limit climate change). It is also the first time in six years that this summit has been hosted in Africa, so we can expect to see the concerns and needs of the developing world center stage.

Kuokkanen says: “For the world to succeed in tackling climate change, we need everyone on board. With that in mind, at COP27 it is important that we focus on engaging developing countries. For example, we need to show commitment to deliver on climate finance pledges.”

As part of the focus on finance and adaptation a key theme set to be on the formal agenda at COP27 is “loss and damage” (compensation for economic losses due to climate catastrophes) - something that has been rejected at previous summits. Indeed, UN Secretary General António Guterres has urged governments to address loss and damage "with the seriousness it deserves". Denmark last month became the first country to offer loss and damage compensation, with a package worth $13 million to be targeted at the Sahel region in northwest Africa and other climate-vulnerable areas.

The overall agenda for COP27 will be broad. Each day will have a different theme – from biodiversity to water, age to gender. Decarbonization will be the specific theme of the day on 11 November. Outside the formal intergovernmental negotiations, the Global Climate Action group of CEOs, mayors and other stakeholders will discuss transport on 16 November.

Building on the decarbonization momentum

Current estimates, based on Nationally Determined Contributions (NDCs) pledged by many countries all over the world to combat climate change, forecast that the world could still warm by 2°C by 2100 - exceeding the 1.5°C goal set out in the Paris Agreement. Under a 2°C scenario, 37% of the global population could regularly be exposed to extreme heat waves compared to 14% under 1.5°C, and the world could pass tipping points such as melting ice sheets which could trigger runaway climate change.

Kuokkanen says: “While it sounds like a small difference between 1.5°C and 2°C, it is in fact a significant tipping point. This is why at COP27 we need to see not only the momentum on decarbonization maintained but in fact increased even further. In addition, we also need decisive action from countries to shift from pledges to concrete action plans, and to even more ambitious NDCs.”

The global average temperature was 1.1°C above pre-industrial levels in 2021 and the IPCC estimates that to stay within 1.5°C, greenhouse gas emissions must fall by 45% by 2030 compared with 2010 levels, and reach net zero by mid-century. Except for a short blip during pandemic lockdowns, carbon emissions have however been steadily rising since the Paris agreement was signed in 2015. The latest IPCC assessment warns the window for change is “brief and rapidly closing”.

Kuokkanen points out that current acute economic and geopolitical issues are likely to make meeting this window for change even more difficult. Looking back to the previous climate summit she says: “The takeaway from COP26 was very strong business interest and many new pledges. Glasgow really raised ambition and built momentum. I hope COP27 can get the attention it needs and we can build on that.”

Both grassroot and high-level action against climate change is needed

“Under the current circumstances, it may be difficult to be optimistic about the outcome of COP27,” Kuokkanen concedes but adds: “But we don’t have any other choice and cannot throw in the towel.”

The extreme weather events of 2022 have made the impacts of the climate crisis real and palpable - forcing a shift from looking at climate change as something in the future to something where solutions are needed today. "It is impossible not to see it and that is a strong call for action. I hope it can be an opportunity and a driver to get governments, capital and civil society to act together towards a common goal,” Kuokkanen says.

Kuokkanen is also clear about the importance of individual and corporate efforts to make a difference: whether that is through reducing the amount of energy used in heating homes and offices, choosing renewable fuels and electric vehicles to get from one place to another, or making responsible consumption or dietary choices. We all have a role to play and responsibility in making a difference in the fight against climate change.

“We need all the solutions available to tackle climate change today - while innovating and scaling up the future technologies to get us to Net Zero. Let’s keep pushing our governments to set climate targets high on the agenda and then let’s ensure we all do our part to deliver on those goals,” Kuokkanen concludes.


What’s the World Economic Forum doing about climate change?

Have you read?
Don't miss any update on this topic

Create a free account and access your personalized content collection with our latest publications and analyses.

Sign up for free

License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

Related topics:
Climate ActionHealth and Healthcare SystemsNature and Biodiversity
World Economic Forum logo
Global Agenda

The Agenda Weekly

A weekly update of the most important issues driving the global agenda

Subscribe today

You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.

Trust in voluntary carbon markets has been consistently low: What needs to change?

Antoine Rostand

June 12, 2024

About Us



Partners & Members

  • Join Us

Language Editions

Privacy Policy & Terms of Service

© 2024 World Economic Forum