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Who are the key players at COP27?
STORY: 197 – that’s the number of signatories to the U.N. Framework Convention on Climate Change.Each of them has their own concerns and interests, which makes reaching any consensus a huge challenge.Let’s take a look at some of the main stakeholders and negotiating blocs engaged in the 2022 U.N. climate conference – COP27.China is the world’s biggest greenhouse gas emitter. But the country is increasing its coal use in the face of energy security risks.And President Xi Jinping said in October that China would continue to support “the clean and efficient use of coal”.”China will strive to peak carbon dioxide emission before 2030 and achieve carbon neutrality before 2060.”Geopolitics also overshadow climate issues. A diplomatic row over Taiwan led Beijing to cancel bilateral climate talks with the United States. United States is the world’s second biggest emitter after China. Recent approval of domestic legislation should unlock trillions of dollars in investment in clean energy and transportation. And provisions of the Inflation Reduction Act are expected to triple the amount of clean energy on the electricity grid and reduce carbon emissions by 1 billion tons annually by the end of this decade.”This bill is the biggest step forward on climate ever, ever.”Greenhouse gas emissions from the 27-country European Union comprise about 8% of the global total.And they have been trending downward for years. The EU has pledged to cut net emissions by at least 55% by 2030 from 1990 levels, and reduce them to zero by 2050. But the bloc is still in negotiating policy to implement those goals. [Ursula Von der Leyen, EU Commission President] “The fossil fuel prices are skyrocketing. With heavy negative impact on livelihoods. The best answer to that is massive investment in renewable energy. Renewable energy is cleanThe United Kingdom has faced months of political turmoil and an energy crisis that could undermine the country’s climate goals. In 2019, Britain pledged to reach net-zero emissions by 2050, and last year committed to a 78% reduction by 2035 compared with 1990 levels.But in October it announced a new round of oil and gas licensing in the North Sea, insisting it would not interfere with its climate ambitions.It’s unclear how Prime Minister Rishi Sunak will pursue energy policy. Brazil, South Africa, India and China make up the so-called “BASIC” countries – the bloc of populous, fast-developing countries with highly polluting economies. Each has asked rich countries for more climate financing, and demanded that wealthy countries that have contributed the most emissions historically have a greater responsibility to address the problem.India has resisted renouncing coal.Brazil is expected to spearhead negotiations detailing rules for carbon credit markets, as it seeks to monetize its vast forests. South Africa is racing to conclude a side deal for the EU, United States and other nations to provide it with $8.5 billion to transition from fossil fuels to renewable energy.Africa’s U.N. members will push for additional climate financing, while arguing that expanding economies need fossil fuels to increase electricity capacity. Many African countries, including the host Egypt, are keen to develop their reserves of natural gas as a transition fuel and a way to capitalize on Europe’s demand for gas to replace Russian imports. The Climate Vulnerable Forum includes 58 countries most at risk from climate impacts, including Bangladesh and the Maldives. The group heads to COP27 with a core demand: a dedicated fund whereby rich polluting countries help the vulnerable bear the costs of “loss and damage.”
