Set in seaside resort city Sharm el Sheikh in Egypt, the 2022 Conference of the Parties of the United Nations Climate Change Conference took place under Minister of Foreign Affairs Sameh Shoukry, with almost 40,000 attendees. This was the first climate summit held in Africa since 2016.
This year, the goal was for wealthier countries, such as the United States, to help developing countries transition from fossil fuels to clean, renewable energy.
Ministers from the V20, or the Vulnerable Twenty, estimated that they have lost a whopping $525 billion over the past two decades because of climate change. However, on Saturday, November 19th, both wealthy and developing countries reached an agreement - for wealthy countries to raise a fund to compensate for victims of climate change, with a focus on addressing damage in income, culture, and biodiversity as well as lost lives. This solved a decade-long dispute over who should pay for climate damage.
At COP27, leaders from ServiceNow and Fujitsu - two companies dedicated to combating climate change - spoke on the role of technology in climate change solutions. Vasant Balasubramanian, vice president of ServiceNow, stated that you cannot turn words into action without governance.”
While COP27 dealt with climate damage, it did not address root causes. It also did not build off of previous summits or make additional progress.
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