COP27 – what happened?

COP27 – what happened?

We examine the progress made at COP27, highlight where outcomes fell short of what’s required and look forward to COP28 in Dubai next year.

Prior to the COP27 climate negotiations in Egypt, we set out our expectations on what the meeting might achieve. As we anticipated, there was intense focus in Sharm El-Sheikh on the impact of the changing climate, after another year of weather extremes. As also expected, the backdrop of rising costs and energy security provided the political headwinds to spur some progress.

Here we set out our views on what COP27 achieved, what may come next, and what opportunities and challenges this presents to investors.

Dealing with the price of physical climate impacts: advances made, but much more to do.
Little progress on closing the 1.5C emissions gap
Further pressure for non-state actors to take a lead
Carbon markets: some progress, but concerns raised about “greenwashing” loopholes
Looking ahead: what are the prospects for COP28 in Dubai?
Albertine Pegrun Haram
Albertine Pegrum-Haram
Senior Associate, Responsible Investment

Albertine joined the Responsible Investment team in the summer of 2022, concentrating on climate change. Albertine’s background is in climate science and before joining she worked as a researcher and adviser at a range of academic, third- and public-sector organisations. When not working she enjoys spending her time reading, running and climbing.

Albertine Pegrun Haram
Joe Horrocks-Taylor
Joe Horrocks-Taylor
Senior Associate, Analyst, Responsible Investment

Joe joined BMO Global Asset Management’s Responsible Investment team in 2021 as a climate and biodiversity specialist. His role involves supporting our net zero strategy, as well as engaging with holding companies on climate and biodiversity, in particular in the transport sector. Joe previously worked for PwC’s Sustainability and Climate Change consulting team since 2019, supporting corporates and financial institutions on net zero, climate risk and biodiversity strategies. Prior to joining PwC Joe worked for another environmental consultancy, Temple Group, for a year, conducting biodiversity and climate impact assessments of large infrastructure projects. He holds an MSc in Biodiversity, Conservation and Management from the University of Oxford, and a BA in Geography from the University of Cambridge.

Joe Horrocks-Taylor
Vicki Bakhshi
Vicki Bakhshi
Director, Responsible Investment

Vicki Bakhshi is BMO Global Asset Management’s Climate Strategist, working on the implementation of their Net Zero commitment, and heading up their climate integration and stewardship work. She also currently co-chairs the IIGCC’s Implementation Working Group for the Net Zero Investment Framework and the Climate Change Working Group of the Investment Association. Vicki has worked at BMO for 14 years, prior to which she worked on the Stern Review on the economics of climate change, and on international climate policy at 10 Downing Street.

Vicki Bakhshi
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