BusinessEurope pushes for COP to converge on high climate ambition

4 November 2022 - On the occasion of the 27th Conference of the Parties (COP27) of the UNFCCC, beginning on the 6 November in Sharm-El Sheik, Egypt, BusinessEurope has published a position paper with its key expectations for the summit. The European Business Community is calling on all parties to agree on ambition levels similarly high to that of the EU and to make substantial progress on issues such as Art. 6 and the Global Stocktake.

BusinessEurope President Fredrik Persson said: "As the effects of climate change are becoming more and more visible to all of us, bold action is needed from the negotiators gathered in Egypt. The EU has proven its commitment to climate action with the Fit-for-55 package of measures – the negotiations on which must be finalised while taking the dire energy crisis on the continent into account. All G20 countries must now agree to similarly ambitious 2030 targets and, more importantly, also implement and enforce the legislation needed to achieve them. Only concerted, multilateral action will help overcome the very real risk of carbon leakage. Beyond the commitment to targets, negotiators must also push forward on crucial technical issues such as the new mechanism for carbon trading under Article 6.4 and the ongoing Global Stocktake. Developed countries, including the EU, will have to be ready to engage seriously on climate finance, in order to break the deadlock in many discussions. Sharm-El Sheik must show that the world is still committed to keeping the 1.5 degree target alive."