On biodiversity day, the conversations suggested that the current focus on emissions reduction and carbon sequestration to address climate change, was a narrowed approach to solving an interlinked environmental crisis. And that, a broader systems level approach, involving biodiversity conservation, would go beyond the slow down climate change to supporting resilient ecosystems. There were calls on governments and companies, to move beyond net zero commitments to nature positive ones, underpinned by bioprospecting, ecotourism, and biodiversity offset and tokenised markets. The voluntary biodiversity credit market is however deemed to be more complex and currently suffer from the lack of an agreed method of biodiversity quantification and standards, but organisations such as rePLANET UK are offering thought leadership in this light.
In the context of energy transition, activists’ groups mainly pushed the issue of oil non-proliferation treaty, on the backdrop of the recent energy crisis in Europe and the resulting flurry of deals to expand gas production and exports in countries such as Egypt, Senegal, Angola, and Republic of Congo. Despite the push, not much progress was made in this regard. Some blamed the lack of progress on the large presence of oil companies and lobbyist at this year’s COP. However, African leaders appeared to be unanimous on the position that the fossil fuel phase out needs to be gradual as the financial resources therein, are still needed to lift a large majority of its citizens out of poverty. The role of green entrepreneurship featured in the discussions but can be said to have been a shadow of itself in the scheme of events. Organisations such as SEED, held a few side events to highlight the potential and raise awareness on the challenges of sustainable businesses. They also presented the Sustainable SME Action Agenda, outlining five areas of support needed for accelerating the impact of the sustainable business sector, as well as launched the Coalition for Innovation, Circularity and Entrepreneurship.
At the invitation of GCIC’s Advisory Board Chair, Christina Stanton, the team also had the rare privilege of attending a side event at which Atlantic Ocean hosted Speaker of the US House of Representative, Nancy Pelosi. The discussion emphasised a number of issues including America’s strong commitment to leading the fight against climate change, referencing the landmark Inflation Reduction Act, 2022 and climate change commitments therein.
Overall, COP27 was exciting, and insightful, but tainted with exhaustion and mixed prospects. That said, we look forward to building forward better in partnership with various institutions and professionals encountered during the event.