COP27 Review in One Article & One Word: Here is What I Think Happened in Sharm El-Sheikh, Egypt!

Conference of Parties 27 (COP27) was just one of the several UNFCCC COPs that have taken place since their beginning in 1995. In this COP27 review, I will vividly reveal to you what I think it was all about and, probably, what all the next COPs shall be about! It is my prayer, hope, and wish that as you get drowned into my revelation, you, especially the youth, prepare well for the rest of the COPs and other similar conferences. Are you ready? Let’s jump in!

Read this too: What are COPs? How many have happened and where?

COP27 Review: My Personal Experience of COP27 Proceedings!

As I earlier narrated, my participation in COP27 was a sort of miracle. I didn’t know about it, had no accreditation, had no funding, and yet it all later worked out just fine. See how it happened in this article.

As discussed in other articles in the series COP27 and COY17, my experience was really full of learning and surprises. On my first day of COP27, which must have been 6th November 2023 (Sunday; just after COY17), I simply walked through the set-up. Everyone, every country, and organization was setting the stage, also called pavilions.

My next day was more about exploration of the shinning set-ups. Countries like UAE, United States, Qatar, India, and Saudi Arabia had some of the biggest and beautiful pavilions. I just walked through, learning and not learning anything!

It’s on the next day and other days that followed that I really knew what I wanted or what I would really benefi from, where to find it, and how to get there. Many people knowingly and unknowingly made this possible for me, and I will come back to them in the article, 20 amazing people that I met during COP27. For now, in this COP27 review, let me share with you what I think COP27 was all about!

COP27 Review: Business, It’s What It’s All About!

As already highlighted, COP 27 was simply the 27th conference of parties (COPs), implying that 26 other COPs had already happened. Well, historically, the main purpose of these meetings is to assess progress in dealing with climate change, and together figure out (negotiate) the way forward.

As you can see, this purpose is simple, clear, and specific, right?

Well, according to available evidence, these conferences have evolved into major events where businesses can engage in networking, knowledge sharing, and forming partnerships to mitigate climate change. This is evident in the increasing number of business representatives attending COP conferences each year and heavy involvement of private sector.

When we talk of private sector involvement in COP conferences, we are literally talking about BUSINESS, do you see that? In other words, all COPs, from the first one in Berlin to the upcoming COP28 in UAE and all that shall follow thereafter, the goal or point is BUSINESS!

On one hand, involvement of the private sector may divert us from the earlier simple, clear, and specific mission; to manage climate crisis! According to various reports from various organizations and activists (see here, here, and here), the pro-business corporations are likely to influence climate negotiations and delay policies that are pro-environment and unfriendly to ‘their’ business.

For example, according to Baruah of The Print, CocaCola, Vodafone, and Microsoft were big guys of COP27, and yet their business models aren’t friendly to climate action. A case in point is CocaCola, which was the number one plastics polluter in 2021.

On the other hand and, most importantly, the involvement of private sector is crucial and critical to climate action. The private sector can provide for funding and required technology, adopt lower carbon production processes (incorporating sustainability), provide and encourage pro-climate purchasing habits among customers, avail knowledge, experience, and required expertise, and provide policy recommendations for effective climate action. Based on this relevancy of the private sector, its involvement can only be increased and enhanced. It’s a win-win situation as the sector is set to reap a lot from such a trajectory! And thus more business!

That said, according to Lemma Alberto of ODI, it is up to the involved governments or parties to ‘establish rules of the game that maximize the contribution of the private sector to this objective. There could be more win-win scenarios here, for the environment, development and for businesses themselves, but only if all parties work together‘ and figure it out.

Additionally, turning COP conferences into a battleground for businesses isn’t necessarily a bad idea. It could be ‘business for climate’. In fact, I personally advocate for approaching climate crisis with entrepreneurship and business-like principles.

COP27 Review: Business Deals & MOUs at COP27, Egypt

In my view, COP27 was business just like any other COPs. Countries, corporations, organizations, and individuals bragged about their climate-oriented innovations, showcased their environment-friendly products, and convinced one another into partnerships and collaborations. I personally pitched Miklah’s Innovation, ShareLand, and won 15,000USD. How about that? Business!

However, as I have just emphasized, being a ground for business doesn’t necessarily mean it was a bad COP or not pro-climate. It is all about what kind of business COP meetings are turned into. At #MiklahLife, we support sustainable businesses! That said, in this COP27 review, I want to specifically bring your attention to business deals sealed or signed by various countries and corporations during COP27.

Starting off with Egypt, the host of COP27, business deals equaling to about USD83m were signed during the conference. According to Cameron Sanders of Sustainability Magazine and The National News, deals included those with USA, UAE’s Masdar, India, UK, French, Australia and other corporations. Explore all the more than 10 MOUs signed by Egypt in the year 2022 and in relation to climate change and renewable energy here. Business-wise, this country really reaped from COP27!

The United States repositioned herself as the chief leader in the global fight against climate crisis, and announced a lot of initiatives. According to many official websites, including US embassies across the globe and The Whitehouse, USA harnessed her position and announced various funds and support for various projects.

I hope that you are already aware of how this world works; there is no such thing as ‘free things’. Therefore, when a country like the USA announces doubling funds for a certain initiative or supporting a certain country, there must be a way she is benefiting! In short, it is always business!

During COP27, many innovation hubs or programs showcased their entrepreneurs and innovations. For example, about 18 climate-focused researchers won funding from Google during their COP27 pitching. The Arab Youth Center organized for youth pitches during the youth-focused sideline event, COY17, and three initiatives won funding of about USD15,000 each, Miklah’s ShareLand includive.

The United Nations Climate Change Global Innovation Hub had many showcases and pitches and a lot of support was awarded to participating entrepreneurs. Organizations like UNIDO (United Nations Industrial Development Organization) showcased their work and claimed leadership in the fight for climate action. UK and Canada and other EU countries announced various projects in the Pacific, Caribbean, and South East Asia and, importantly, countries in the Global South had their first real business-win on loss and damage fund.

What is the point? The point I am making with this COP27 review is that any wise person, corporation or organization, country or Government should or must approach COP conferences with business in mind. What exactly is your benefit? Why are you attending the next COP? Do you have business-oriented goals? Is there a win for you or your institution? It is business; be sure you have business with you!

COP27 Review: Final Thoughts

All COPs are about business. And, I think, it is safer and beneficial for them to keep it up! The question is, which kind of business? Is it gonna be CocaCola selling sodas and feeding us on junk food during the conferences or true young entrepreneurs showcasing their climate-oriented innovations and winning funding?

By the way, in relation to junk food at COP conferences, young people and more than 100 organizations have sent an open letter to COP28 presidency demanding that COP28 prioritizes eco-friendly feeding during the event. Let’s see where it all ends.

The UNFCCC Parties or countries still hold the key to what kind of business COPs should be about. However, according to my COP27 review, the remaining fact is, every COP is BUSINESS! Every COP or even similar or related conferences is about business and it is wise to always approach such conferences with business in mind. Business is what I saw in COP27 and it is what I did there! That is my COP27 review. In one word, BUSINESS!