At the beginning of next month, November, more specifically between the 6th and 18th, the 27th United Nations Conference on Climate Change will take place in Sharm el-Sheikh – an Egyptian city on the coast of the Red Sea. But what can be anticipated about this highly relevant event? 

Idealized by the United Nations, the COP has been bringing together leaders from almost all countries in the world since 1995, and in recent years, these conferences have substantially contributed to the implementation of climate-related agreements, such as the Paris Agreement (announced in 2015, during COP21) and the global carbon market (announced in 2021, during COP26).

The official slogan of COP27 is "together for implementation," which opens horizons for the realization of the various promises and goals agreed upon in recent years, after the "rulebook" of the Paris Agreement was finally "closed" in 2021. However, it is necessary to coordinate efforts so that the new measures are implemented uniformly around the world, which leads us to what will possibly be the main theme of this year's conference: climate financing.

In 2009, during COP15 in Copenhagen, the so-called developed countries promised to create and provide developing countries with a fund of 100 billion dollars per year until 2020, so that they could implement measures to combat climate change. This promise, however, was not fulfilled and, in 2022, it is expected that this topic will return to the conference tables. 

Even so, not everything is negative. Unlike what happened in 2009, the signals given today by major financial entities are quite promising. By 2025, the World Bank's Action Plan for Climate Change aims to allocate $25 billion annually to initiatives aimed at reducing greenhouse gas emissions and promoting adaptation to more sustainable means, while simultaneously contributing to the development of the region and reducing poverty. Furthermore, in 2021, the World Bank changed its investment portfolio, not financing any project or company related to fossil fuels.

Given all this, we can anticipate that the financial issue will be the crucial point of the 27th United Nations Conference on Climate Change, with developing countries – which are the most vulnerable to climate change, as we can observe from the tragic events in Pakistan that recently had ⅓ of its territory submerged – demanding action and international financing mechanisms to combat global warming.