November 6-18, 2022
WTW attended UN COP27 Climate Conference, Sharm El-Sheikh, Egypt
WTW was a leading private sector player at the COP27 climate conference in Sharm El Sheikh, November 2022, with contribution across our people capital and risk expertise. Announcements included our $100m parametric insurance programme with UNICEF to protect 15 million children and families from cyclones; our appointment by the Government of Indonesia to advise on the national low carbon transition, the insurance of Hawaii’s coral reef systems and our role on leading climate risk modelling programmes.
WTW solutions provided examples for breakthroughs at this COP on Loss and Damage, Resilience, Financial Regulation, Transition Risk and Natural Asset Protection. In recognition of our leadership in this space, WTW was invited to become an inaugural private sector member of President Biden’s $3bn Emergency Plan for Climate Adaptation and Resilience (PREPARE) ‘Call to Action’ at a ceremony with USAID Administrator Samantha Power and NEC Director, Brian Deese.
COP is the UN’s flagship annual climate change forum, which sees convening countries debate and agree international efforts to mitigate and adapt to climate change. There is an increasing focus on the role of the private sector in driving the net zero, climate resilient transition and organisations operating in the climate space have a critical role to play in that journey.
Set against a turbulent geopolitical backdrop, including war in Ukraine, ongoing instability in the global economy, and stark warnings from climate science about the slow pace of progress to tackle climate change, there were four key themes outlined going into COP27: reducing emissions (mitigation), responding to climate risk (adaptation), funding (climate finance) and loss and damage. It was the latter theme that stole the headlines with the need for funding for loss and damage – impacts of climate change that cannot be adapted to – finally recognised by richer nations. Developing countries have pushed for acknowledgement for decades, arguing that having contributed least to the problem they are the ones most exposed to climate impacts. Approximately €340 million in pledges for loss and damage were made, including from Canada, New Zealand and the EU.
Our presence at COP27 was led by the Climate and Resilience Hub (CRH) and WTW Egypt. Full details of our on the ground engagement can be found below, as well all WTW announcements during the COP fortnight.
