Ecumene 2022: Global Financial Forum was held in Moscow on September 28-30, 2022.
As a follow-up to the Forum, on November 14, 2022, UN Goodwill Ambassador Viacheslav Fetisov and Gazprombank JSC, with the support of BloomGroup Company and the International and Comparative Law Research Center, organized discussion sessions at the 2022 UN Climate Change Conference (COP27).
In 2022 COP27 took place under the chairmanship of Egypt in the coastal city of Sharm el-Sheikh from November 7 to 18. The goal of the COP27 was to implement actions in line with previous agreements in all areas related to climate change, with a focus on protecting people from the immediate effects of climate change, ensuring that no one was left behind.
The Egyptian Presidency of COP27 pointed to the need first and foremost to meet current financial commitments with a total financial target of $100 billion and a doubling of global adaptation funding, and to adopt overall global financing ambitions to ensure long-term, sustainable, and effective action on climate change.
The agenda emphasized comprehensive actions to combat climate change by further reducing emissions and addressing climate change adaptation to save lives and livelihoods.
COP27 focused on how the world planned to pay for the cost of combating climate change, which is estimated to be $125 trillion by 2050.
The results of all discussion sessions will be sent to the Secretariat of the UN Framework Convention on Climate Change and to the President of the Russian Federation.
Supported by
PROGRAMME
Discussion Session 1
10 am – 11:30 am MSK / 09 am – 10:30 am Sharm El Sheikh
Energy Transition
Climate change affects the entire humanity in all aspects of our lives. In Russia, with its large territory, the impact of climate change has multiple effects, so it is important to estimate climate risks and adapt to them.
In the Russian Federation, a national climate infrastructure is being formed in a consistent and balanced manner.
Russia, while monitoring external climate trends, uses appropriate practices in shaping its own domestic climate agenda and policies.
Responsible financing makes it possible to invest in new clean technologies. Addressing global challenges such as the energy transition can be a basis for creating and promoting fundamentally new technologies, with a quality significantly exceeding the current world level.
The following questions were discussed at the session:
Business transformation in energy companies;
Investments in infrastructure, new technologies, and innovations;
Partnership between the government, business, and society;
Development of technological sovereignty.
Discussion Session 2
12 pm – 1:30 pm MSK / 11 am – 12:30 pm Sharm El Sheikh
Nature-Based Solutions
Nature-based solutions are actions and policies to protect, manage, and restore natural ecosystems while addressing social problems.
These solutions are recognized as an effective way to combat the issue of climate change.
As it is not possible to achieve carbon neutrality without protecting and restoring nature, countries need to include sustainable solutions in their long-term climate strategies and implementation plans.
Investment by the world’s leading countries in environmental solutions must double by mid-century to help avert a global environmental crisis.
Since only 3% of global climate financing is spent on nature-based solutions and only 1% on adaptation, public and private financial resources need to be introduced and mobilized to protect nature.
We need sustainable solutions that interact with nature and can reduce overall greenhouse gas emissions by about a third of their current level.
The following questions were discussed at the session:
Nature-based solutions: a critical tool for addressing climate change, biodiversity loss, and food security;
The UN Decade on Ecosystem Restoration;
Nature-based solutions in business models and national priorities of the state and business;
Financing nature-based solutions;
Preparations for the 15th Conference of the Parties to the UN Convention on Biological Diversity in Canada in December 2022.
The COVID-19 pandemic highlighted the fragility of the world economy. The public sector had to intervene to prevent widespread and long-term economic disruption. It is expected that this experience will also change the role of governments in dealing with global issues such as climate change and biodiversity loss.
At the present time responsible finance is a new and flexible tool for achieving sustainable development, climate goals, and implementation of energy transition strategies and clean technologies.
The 2022 UN Climate Change Conference (COP27) emphasizes an equitable and manageable transition to a new sustainable economic model.
The Paris Agreement recognizes that countries have common but differentiated responsibilities because of their historical greenhouse gas emissions. This places a responsibility on developed countries to help developing countries with the appropriate financial means to transition to a more sustainable economy over time.
COP27 plans to identify the need to meet current financial commitments, with a financial target of $100 billion and a doubling of global adaptation funding, and to adopt joint global financing ambitions.
The following questions were discussed at the session:
Developing the responsible finance market;
The financing component of the climate agenda;
Carbon exchanges and the carbon market;
Greenwashing;
International cooperation in financing for development.
ROUND TABLE
4 pm – 6 pm MSK / 3 pm – 5 pm Sharm El Sheik
Round Table of the UN Association of Russia and UN Global Compact Russia Network Within Ecumene Discussion Club ‘Green Business. Role of Private Sector in Restoring the Dialogue for Climate Agenda Advancement’
