12/08/2022 | Press release | Distributed by Public on 12/08/2022 13:47
On Sunday, November 20th, the final gavel closed on COP27 in Egypt, as countries around the world signed off on the "Sharm el-Sheikh Implementation Plan."
The U.S. Chamber of Commerce was proud to represent the private sector at the conference with our largest delegation ever, working closely with business and government allies from the U.S., Egypt, and other countries around the world to convey the important role of business in implementing climate solutions.
The U.S. Chamber participated in nearly 20 different public and private events while in Sharm el Sheikh. For a full recap of these engagements, visit our COP27 website here.
Analysis of COP27 outcomes
While the media narrative around COP27 was mixed, we believe the unprecedented actions being taken and investments being made by the business community to tackle climate challenges-and important alliances with governments and other stakeholders-is reason for optimism. A constant theme throughout the conference, especially from U.S. leaders, was the important role that business plays both to help finance and implement climate solutions at home and abroad.
As the U.S. Chamber's Marty Durbin summarized during his remarks at our business community gala co-hosted with AmCham Egypt:
The establishment of a "Loss and Damage" funding designed to provide financial support to countries affected by climate change was the headline achievement of COP27. Hailed as major progress, many fundamental details remain to be negotiated regarding how countries contribute, how much they contribute and how funds would be distributed. Among other significant outcomes were:
Unfortunately, concerns remain about the lack of recognition of the growing and prominent participation of business leaders at recent COPs and the critical role of business in delivering climate solutions. In fact, a high profile report released by the UN "High-Level Expert Group on the Net Zero Emissions Commitments of Non-State Entities" was highly critical of business momentum in support of climate ambition. Going forward, the Chamber will help ensure that the UN process and government stakeholders better understand and consider the contributions of business to global climate challenges.
The U.S. government's perspective
In addition to these globally focused issues, the U.S. government also highlighted several programs that enjoy strong business community engagement/participation, including:
Among the most notable engagements were two meetings that will help set the stage for COP28. While in Sharm, the U.S. Chamber organized a meeting with H.E. Ambassador Majid Al Suwaidi, COP28 Director General, and business leaders in the UAE Pavilion to explore how the U.S. Chamber and our members can collaborate on COP28, which will be held in Dubai next November. As a result of that discussion, the U.S. Chamber and a group of about 40 Chamber members are meeting in Abu Dhabi this week to further explore how the critical role that business plays in climate solutions can be incorporated into next year's programming.
COP28 will truly be a conference for all of the Middle East, so with that in mind, during COP27 several U.S. Chamber executives also met with H.E. Adel Al-Jubeir, Saudi Arabia's Climate Envoy. At COP27, Saudi leaders highlighted the Saudi Green Initiative, and there are plans for the U.S. Chamber to organize a GreenTech Business Mission to both the UAE and Saudi Arabia during 2023 to further private sector opportunities.
Stay tuned for more updates on the U.S. Chamber's international climate engagement, including our work to ensure a successful COP28 next year.
About the authors
Martin Durbin
Senior Vice President, Policy, U.S. Chamber of Commerce, President, Global Energy Institute, U.S. Chamber of Commerce
Martin (Marty) Durbin is president of the U.S. Chamber of Commerce's Global Energy Institute (GEI). Durbin leads GEI's efforts to build support for meaningful energy action through policy development, education, and advocacy, making it a go-to voice for commonsense energy solutions.