The upcoming issue of the UN Climate Change Conference (COP27) scheduled for November in Sharm el-Sheikh is a rare chance to some of the most carbon-intensive industries — oil, gas, steel and cement — to have their voices heard while world leaders discuss global climate action.
These industries are responsible for more than a quarter of global carbon dioxide emissions. However, during Decarbonisation Day on the sidelines of COP 27, representatives from these industries will share their progress, inspire further action and identify new technologies to reduce emissions from such heavily polluting sectors.
More than 120 countries have now signed the Global Methane Pledge that was launched in Glasgow to reduce methane emissions by at least 30 per cent from 2020 levels by 2030. That reduction could eliminate over 0.2°C warming by 2050.
However, without improvements and contributions of these industries, it will be impossible to reach this target. Being part of the problem doesn’t prevent you from being part of the solution.
Despite accusations that these industries discourage climate action and spending billions of dollars on spreading misinformation about the effects of their activities on the environment, we can recognise a tremendous change in attitudes of some big companies as many of them began to deploy their potentials for climate action.
Those firms are not changing merely for moral and ethical reasons not to destroy the planet for future generations, but they also have practical motives to align their interests with climate activists.
One reason is that many of these companies want to maintain strong positions in a world that can be created by the energy transition. Secondly, many of these businesses want to attract those investors who are increasingly aware of climate change-related risks and who believe that climate action strategies will improve their positions in capital markets.
Meanwhile, countries want to ensure that the transition to net-zero emissions will not be at the expense of economic development, employment and other social objectives.
As Egypt will be representing Africa in this issue of the COP, one of the urgent challenges to be highlighted is the urgent need of the Continent to keep its economic development path while achieving its environmental targets.
It is therefore crucial that countries and companies reach an integrated and balanced approach that guarantees that economic and social development should be consistent with the deep transformation of the world’s energy system to net-zero emissions. The daunting task needs to open all possible dialogue channels, even with the biggest emitters.
Dialogue with the heavy industries can ensure that we cannot call for a certain action without making sure of its viability. These industries can leverage their technology and innovative financing mechanisms to develop solutions that will not hamper their activities. It’s time not to exclude anyone.
Still, Decarbonisation Day can be one of the landmarks of COP 27 that may chart a new way in the climate action debate.
