The COP27 climate conference in Egypt was billed as 'The African COP' with the promise that it would give a voice to the developing world as it wrestles with climate change. Did the conference succeed and has it found a way ahead that addresses the differing agendas of the world's developing nations?  

Fresh from the conference, Clémence McNulty, Ernst & Young Advisory Services (Pty) Ltd, Africa Sustainability Lead, and Ricardo Assumpção, Ernst & Young Assessoria Empresarial Ltda, Latin America South ESG Leader, join Bruno Sarda to discuss the successes and shortcomings of the conference for their regions.  

From an African perspective, Clemence discussed the importance of the private sector’s participation but that the solutions need to be localized, with local municipalities and governments playing a key role. 

For Latin America, Ricardo noted how COP27 was important in highlighting the unique assets Latin America has to create more value and the great potential of the carbon markets. 

All agreed that the world is increasingly looking to the Global South to take a fuller part in the debate and play a more prominent role. Even with potentially imperfect outcomes, COP27 has further driven conversation and understanding of what needs to be achieved by all parties involved. 

Key takeaways

• The Loss and Damage Fund is an important step forward in addressing the disparity between northern and southern hemisphere resources. 
• The private sector is likely to provide more and more financial and technological solutions. This was reflected in their presence at COP27. 
• Blended finance from both the public and private sector is key for addressing the Just Transition and closing the funding gap. 
• COP27 restated the connection between climate change and biodiversity, emphasizing the importance of the rainforest. 

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