Client Alert: COP27 Update #2

Day One got off to a good start and the North-South divide quickly came up.

U.N. Secretary General António Guterres called for the creation of a “climate solidarity pact” between wealthier and developing countries to meet key climate goals in opening remarks at this year’s U.N. climate change conference in Egypt, known as COP27. As global temperatures continue to rise, Guterres said the planet is “on a highway to climate hell with our foot on the accelerator. Those who contributed least to the climate crisis are reaping the whirlwind sown by others.”

He issued the dire warning as world leaders gathered Monday in the resort city of Sharm el-Sheikh at the front end of two weeks of talks. No one is expecting miracles as the idea of climate justice rises to the forefront of discussions. There will be intense debate over the next two weeks on how to fund recovery and adaptation efforts in developing nations getting hammered by climate impacts. Crucially, world leaders have acknowledged that emerging economies are often the ones that pay the price of inaction.

On to Day Two!