COP27: Key outcomes for board directors
The Climate Governance Initiative have produced a briefing document highlighting the key outcomes from this year’s United Nations climate meeting, COP27, how it may affect you as a non-executive board director, and the resulting conversations you should have in the boardroom.
Background:
The United Nations global climate conference in Sharm El Sheikh, Egypt, COP27, concluded on 20th November 2022. It gathered country, public and private-sector leaders from all over the world with the aim of negotiating and increasing commitment to limit global warming to 1.5oC as stated in the Paris Agreement.
COP27 had an important focus on implementation: moving from setting goals to taking credible action to achieve net zero targets. Being held in Africa, key points on the agenda included gaining agreement to support emerging economies in their net-zero transition (referred to as the Just Transition) and also to support those already seeing the devastating impacts of climate change with few resources to address these impacts (termed Loss and Damage).
Key takeaways for board members from COP27
- Official regulatory bodies are working hard to clarify and harmonise standards for climate-related reporting which will support transparency and help to combat greenwashing
- Acting on climate targets and developing credible action plans was an important focus of COP27
- An increasing number of organisations are facing legal challenges for not providing credible pathways and action plans to support and achieve their net zero targets
- The importance of public-private sector partnerships and international collaboration was reinforced over the two weeks of COP27.
See more on the CGI website including a COP27 scorecard and key outcomes from the summit.
