The Conference of Parties of the UNFCCC (COP27) took place in Sharm El-Sheikh, Egypt, on 6-18 November 2022, and brought together public and private sector stakeholders as well as non-governmental and civil society actors from all over the world to discuss the most pressing issues around climate change and transition to sustainable global economy.
Building upon the progress achieved with the signature of the Glasgow Climate Pact and the Paris agreement, the Sharm El-Sheikh Climate Change Conference followed the roadmap laid out during COP26. One of the key takeaways of COP26 was the recognition of the role of both public and private finance in transition towards a climate-resilient economy. In turn, for the finance sector, the commitment to sustainability implies a greater emphasis on transparency and disclosure.
One thing is certain - the only way for businesses and financial services firms to contribute to a better future is through implementing change and switching to ESG-conscious, more responsible operating models.
COP27 was dedicated to four major themes - mitigation, adaptation, finance and collaboration – and notably focused on shifting from pledging to accelerating and upscaling sustainable transformation. Among the main goals of the conference were the elaboration of a new strategy for mobilising and delivering climate finance in view of the current financial crises, as well as integration of the notion of climate benefits – and not just risks – into the consideration of companies and financial institutions.
Our experts around the world are here to guide you through the outcomes of COP27, enabling you to remain informed and proactive in your response to the global threat of climate change. Below are a growing range of insights across the themes of COP, with further content added during and following the conference to support your journey to a sustainable future.
At Forvis Mazars, sustainability and ESG remain among our top priorities and at the core of our corporate identity. We believe in leveraging our multidisciplinary expertise, knowledge and innovative tools to support our clients in their transformation and evolution towards greener business models. Our Sustainability and ESG services include:
22/12/22 A lot of attention at COP27 was focused on the likelihood of keeping global warming to 1.5 °C, in line with the goals of the 2015 Paris Climate Agreement. The consensus was that we are in real danger of falling off track. Few nations revised their nationally determined contributions to reduce their carbon footprint compared to COP26, and the final COP27 text failed to make further progress...
One of the key features of COP26 was recognition that the scale and speed of the changes needed to transition to a more sustainable economy require all forms of finance. Public finance to develop infrastructure to transition to a greener and more climate-resilient economy, and private finance to fund technology, innovation, research, and sustainable business models.
If we want to improve adaptation measures, we must change the narrative and start viewing COP as an opportunity. While it can be frustrating, it’s not just about speed of outcomes. When people convene for a set purpose to vocalise issues from a local and global perspective, it can be very productive in raising awareness and putting different points of view out there. Robust discussions are needed...
Loss and damage caused by extreme weather events such as drought, rising sea levels and the recent devastating floods in Pakistan hit the headlines at the opening of COP27. While financial pledges and initiatives to help with loss and damage have been evolving for years, consensus and formal agreements on feasible action plans still need to be improved.
Watch the "The Road to COP27" series by Mazars in Turkey to learn more about the new generation's stance on the climate crisis.
'Let’s talk sustainability' is the Mazars podcast series that explores the evolving sustainability landscape for business.
Video - At this year's COP27, mitigation, adaptation and the issue of loss and damage are high on the agenda. We speak to Vikas Aggarwal, Regional Head of Public Affairs for ACCA across Europe, Eurasia, Middle East and the Americas, and discuss key challenges facing this global issue.
Video - Leaving COP27 behind, the business world is focusing on ESG matters that have become a 21st-century issue. How the UK firms are dealing with the business opportunity that ESG matters presents? What kind of requirements will new reporting standards bring to UK companies?
Video - How are the German firms dealing with the business opportunity that ESG matters presents? What kind of requirements will new reporting standards bring to German companies? What are the challenges for transition towards a low carbon economy in Germany?
Helping companies place sustainability at the centre of their business
Building trust and demonstrating integrity
Solutions for embedding sustainability into your strategic business plans and practices
With societal expectations increasingly permeating corporate governance, companies need to evolve their business models to embrace lasting value creation that benefits not only the shareholders, but also internal and external stakeholders as well as wider society.
19/05/21 Awaited with great impatience by some, yet with caution or even concern by others, the Corporate Sustainability Reporting Directive (CSRD) adopted by the European Commission on April 21 has received a largely positive reception from many stakeholders, and rightfully so.
Are the EU’s initiatives the benchmark for ESG disclosure in the region?
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