The 27th Conference of Parties (COP27), saw meetings between hundreds of highly influential people from various parts of the world in Egypt. The focal point of the deliberations was to instill a renewed solidarity to deliver the goals set out in the Paris Agreement.
The COP27 summit was organised at a time when the world is struggling with rising geopolitical tensions due to the war in Ukraine and high inflation. It’s also witnessing the lingering effect of the COVID-19 pandemic, like supply chain disruptions. In addition, several countries like Pakistan and India have recently faced the brunt of climate change, impacting the lives of millions.
What did COP27 achieve?
Unlike previous COP summits, no significant action or commitment to limit the global temperature rise below 1.5 degrees Celsius was taken at COP27. Experts, in this regard, consider the summit as a missed opportunity.
However, the summit proved critical for developing economies as they negotiated with the developed western countries. It culminated in the setting up of the “Loss and Damage fund” for those countries that were deemed ‘vulnerable’. They have been promised payment by the western countries for the loss and damage due to climate change. It’s being seen as another step in terms of climate finance. However, details of the fund are yet to be released.
China and the USA also held talks and promised to keep Climate Change at the top of their respective agendas. China and India house almost half of the world’s population and the focus on climate change was promising to see.
African countries announced a carbon market partnership. Under the deal, they would help each other in funding for de-carbonisation and adaptation projects.
Private Sector – Rising to the occasion
This year’s summit was special in the respect that the private sector stepped up in giving climate change much-needed focus. Executives of the biggest companies in the world met, discussed, and announced their commitment to protecting the world.
It was recognised that the adaptation market would account for $2 trillion per annum by 2026.
Hundreds of CEOs of large multinational companies signed an open letter and promised to work with the governments to deliver climate action promises and accelerate the Net Zero commitments. It was recognised that a closer international collaboration was required to fight climate change, especially in more vulnerable geographies like Africa and Asia.
From the COP27 Summit, perhaps the most important lesson learned was that climate change is a global fight. It cannot be won by a particular country or a continent. It would require collaborations between governments and governments, private sector and governments and private sector and private sector.
The companies will have to look beyond international boundaries and set up their green businesses in more vulnerable countries. A more specific focus is required on countries in Africa and Asia.
What can you do?
For a business owner, expanding their horizon to other countries not only allows earning more and diversifying but also to become an active participant in ensuring a greener world for future generations.
Countries in Asia like India, Vietnam and Singapore are powerhouses of talent and are resource-rich. In Africa, the availability of resources is probably the cheapest and most abundant.
It is a good business decision to expand a global footprint into these countries.
Seamless will help you in doing this. They can help you set up the business, run the payroll, do the accounting and oversee compliance. Not only for setting up, but Seamless will also help you stay compliant once the business has started to trade.
They can manage your business and handle your on-the-ground operations. With the help of sector specific experts, Seamless will ensure that you don’t need to worry about any backend operations.
So, look beyond geographies and help this planet fight climate change, with Seamless.