A side event held during the Sharm El-Sheikh Climate Change Conference (UNFCCC COP 27) emphasized that the combined power of the public and private sectors can close implementation gaps between climate commitments and actions to move forward in a just and equitable manner.
The 17 November event, ‘Trailblazing Public-Private Action for a More Resilient World,’ highlighted policies that will empower investment, find integrated solutions, and locate resources for private finance.
In her opening remarks, Hala El-Said, Minister of Planning and Economic Development, Egypt, said public-private partnerships (PPPs) can spread project costs, improve risk management and efficiencies, and undertake projects previously deemed unattractive or even impossible.
Private sector representatives, inter alia:
- underscored the need for collaboration among the sectors, with the private sector providing significant technology and resources;
- cited a “data problem” in addressing sustainability, pointing to unresolved questions about how to measure data, track progress, and implement benchmarking;
- supported addressing investment risks through insurance mechanisms and multilateral development bank (MDB) reforms; and
- stressed that government has a critical facilitative role to play, while the private sector is best positioned to provide solutions.
Speakers pointed to lack of a validation process for private sector reports, a lack of transparency for government reports, and the need for data integration to ensure transparency, highlighting the central role startup technology companies can play in sustainable development.
The event was organized by Egypt’s Ministry of Planning and Economic Development, in collaboration with the UN Science-Policy-Business Forum (UN-SPBF) and Reuters.
Another event, ‘Beyond Decarbonization: Tackling the Triple Planetary Crisis Through Systemic Resource Efficiency and Circular Economy,’ underscored that the SDGs and the objectives of the Paris Agreement on climate change can only be achieved by transitioning away from linear, fossil fuel-based systems, and emphasized the importance of implementing sustainable and equitable production and consumption processes.
Panelists from the Intergovernmental Panel on Climate Change (IPCC), the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES), and the International Resource Panel (IRP) offered insights on resource efficiency and circular economy.
Speakers also emphasized:
- the need for more cooperation among scientific bodies;
- the importance of empowering producers and consumers to transform supply chains to reduce waste and pollution;
- resource efficiency as a matter for both industry and society; and
- the need to change the current economic system to focus more on functionality and the needs of people.
They said NDCs do not sufficiently consider all materials and entire supply chains, and called for finding ways to encourage more local production and consumption of food.
Key messages included that: resource efficiency and circular economies must be integrated into national and international instruments; economic growth and resource use must be decoupled, and resource consumption must be reduced; and incorporating scientific findings into policymaking will have long-term benefits for climate action.
The 17 November event was organized by the German Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection (BMUV), in collaboration with the IRP.
At the Sharm el-Sheikh Climate Change Conference, the Earth Negotiations Bulletin (ENB) provided coverage of selected side events.