Fecha Publicación: 14-12-2022

From Nov. 6-20, the Egyptian government hosted the 27th Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC) in the city of Sharm El-Sheik , where there were several decisions to continue pursuing efforts to limit temperature increase to 1.5 °C. In the energy sector the agreement focused on two topics. First, how to speed up the transition to a low carbon economy, in particular the uptake of renewable energy; and second, to continue developing and strengthening international cooperation platforms focused on a just transition, i.e., “maximizing opportunities for economic prosperity, social justice, rights and social protection for all, leaving no one behind.” In addition to the decisions on energy, there was a recognition that the transformation of the global economy will require scaling up investments in renewables from billions to trillions of dollars. To make this happen, there will be a need to transform the financial ecosystem, with both the public and private stakeholders working together to change the financial landscape.

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