The presidents of the U.S. and China committed to a renewed cooperation on curbing carbon emissions after talks had been shelved since August. The rekindled talk between the world’s top two polluting countries has been one of the top concerns of COP27.
United Nations representatives and the tens of thousands of participants, activists and journalists at international talks in Egypt headed into the second and final week of an annual climate-change summit that put big emitters like the U.S., China and India in the spotlight.
Other early markers summing up the meetings included small steps between China and the U.S., the world’s top polluters from fossil fuels CL00, -0.59%, and the formalization of talks to compensate poorer, climate change-vulnerable nations whose minerals, metals and energy reserves quench industrial and transportation demand in rich nations.
Global Witness said researchers counted the number of individuals registered — either directly affiliated with fossil fuel corporations, including Shell, Chevron CVX, +0.05% and BP BP, -0.86% or attending as members of delegations that act on behalf of the fossil fuel industry. A return to the table on this issue by the U.S. and China — the world’s top two contributors to climate change — has been one of the top concerns of the U.N. climate talks. In August, China suspended all cooperation with the U.S., including around climate change, in retaliation for a trip to Taiwan by House Speaker Nancy Pelosi.
That means COP27 participants were looking to the G-20 gathering in Bali and whether leaders there will stick to their commitment, also made last year, to the 1.5-degree climate goal. If there’s a push to drop it at the G-20, it would be a setback for climate-change fighting under undermine COP27. Climate aid to help low-income countries is edging ahead The last climate conference, COP26, nearly fell apart over frustration that international finance wasn’t flowing to developing countries. Will there be repeat frustration?
Some delegates were already talking about the possibility of a walkout by developing nations unless demands for more aid to poor countries are met. In 2021, the financial sector arrived at COP26 in full force for the first time. Private banks, insurers and institutional investors representing $130 trillion said they would align their investments with the goal of keeping global warming to 1.5 degrees Celsius, toward a pledge to net-zero emissions economy-wide.
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