November 6-18, 2022
WTW attends UN COP27 Climate Conference in Sharm El-Sheikh, Egypt
This November, WTW will join heads of state, climate policy experts, development finance institutions, humanitarian agencies, private sector companies, negotiators, observers and civil society in Sharm El-Sheikh, Egypt, for the United Nation’s 27th Conference of the Parties (COP). COP is the UN’s flagship annual climate change forum, which sees convening countries debate and agree international efforts to mitigate and adapt to climate change. There is an increasing focus on the role of the private sector in driving the net zero, climate resilient transition and organisations operating in the climate space have a critical role to play in that journey.
This year’s COP conference hopes to build on the outcomes of COP26 in Glasgow, turning decades of commitments and pledges into tangible delivery and implementation. Against a turbulent geopolitical backdrop, including war in Ukraine, ongoing instability in the global economy, and stark warnings from climate science about the slow pace of progress to tackle climate change, COP27 is focused on four key themes:
- Reducing emissions (mitigation). Uniting to limit global warming to below 2°C above pre-industrial levels and keeping the global ambition to limit warming to 1.5°C alive. Bold action to reduce emissions globally is urgently required. This includes raised ambition from all countries, particularly those who are able to do so and can lead by example. This COP will see the implementation of the Glasgow Climate Pact, which calls on all nations to review and enhance their emissions pledges (or Nationally Determined Contributions - NDCs) before 2030.
- Responding to climate risk (adaptation). Action on adaptation globally has been extremely slow to date. This year’s COP takes place in Egypt, a country which is particularly vulnerable to climate change, and on a continent which is itself at the sharp end of climate impacts. . Governments will assess progress against the Global Goal on Adaptation launched at COP26.
- Funding (finance). The goal here is to make significant progress on climate finance – essentially, how the transition and adaptation will be paid for – noting the importance of adequacy and predictability in achieving the goals outlined in the 2015 Paris Agreement. A need for enhanced transparency on finance flows and facilitated access to meet the needs of developing countries – specifically Africa, Least Developed Countries (LDCs) and Small Island Developing States (SIDS). There will be a push from developing countries to secure the annual $100bn by 2020 climate finance commitment made by developed countries which has yet to be delivered and for the majority of this to be provided by grants not loans.
- Loss and Damage. Developing countries are seeking to have loss and damage – the negative impacts of climate change on societies and the natural environment – added to the COP27 agenda. Some hope to see concrete decisions on funding arrangements in Egypt.
This page will be updated during the conference to showcase WTW’s presence at COP27, highlighting the work of our climate and resilience experts and the services that WTW can provide to clients.
Overview of events at COP – WTW
8 Nov World Leaders Summit Day
- Joseph Noss Chairing ISO Sustainable Finance Committee Meeting
Location: Movenpick Hotel (Time tbc)
9 Nov Finance Day
- Confirmed ODI - WTW Event on "Disaster risk finance for extreme weather in Small Island Developing States: linking anticipatory action, rapid response and debt restructuring"
Location: 5Cs Pavilion (10.00 - 11.00)
- Rowan Douglas Speaking AXA Climate Side Event: Private sector finance mechanisms to increase climate resilience
Location: French Pavilion (12.00 - 13.30)
10 Nov Science Day
- Simon Young Speaking Resilience Hub: Fishing for Climate Resilience
Location: Resilience Hub (09.00)
- Rowan Douglas Speaking UNDRR Event "Understanding Risk in a Changing Climate"
Location: EU Pavilion (11.00 - 12.00)
12 Nov Adaptation & Agriculture Day
- Rowan Douglas Speaking US Government Call to Action – PREPARE – Launch event
Location: US Pavilion (09.00 – 10.00)
14 Nov Water & Gender Day
- Viktoria Seifert Speaking High Level Climate Champions Futures Lab - Actions After Impacts: Accelerating Action to address climate losses and damages
Location: Action Room 2, Climate Action Zone (17.00 - 19.00)
15 Nov Energy & ACE Day
- Sarah Conway Speaking CCSA Investor Forum 4 – Leveraging Climate Finance to Build Caribbean Resilience
Location: CARICOM Pavilion (15.00 - 17.00)
16 Nov Biodiversity Day
- Confirmed UNICEF Today & Tomorrow Initiative Call to Action: Sustainable Disaster & Climate Change Protection for Children & Youth
Location: Pakistan Pavilion (1-2pm)
Wednesday, 9 November
WTW-ODI Panel Session, 5Cs Pavilion, 10.00 – 11.00 EET
WTW-ODI panel session on "Disaster risk finance for extreme weather in Small Island Developing States: linking anticipatory action, rapid response and debt restructuring".
The event will introduce participants to innovative solutions in disaster risk finance where SIDS are leading the way, and will help establish deeper collaboration between governments, international humanitarian organizations and risk financing entities. Panellists will present innovations in disaster risk finance, anticipatory action and rapid response planning, and discuss how these can be better integrated to minimize and address loss and damage from rapid and slow-onset weather events in SIDS.
This may include, for example;
- (Financial) drought risk management in the Pacific
- Anticipatory action and rapid response for tropical cyclones in both regions
- The 2021 Belize Blue Bond debt restructuring deal that included a bespoke parametric insurance component which provides protection to cover regular debt servicing payments after qualifying hurricane events
- The Mesoamerican Reef parametric insurance program that deploys rapid financial assistance to support reef brigade response to hurricane impacts.