The United Nations’ 27th Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP) will run from 6 – 18 November 2022 in Sharm el-Sheikh, Egypt. The Conference brings together politicians, activists, citizens and business representatives from over 190 countries to discuss tackling global temperature rises, strengthening our ability to adapt to climate change, and an alignment in the flow of finance to help achieve climate action goals.The climate crisis is one of the greatest challenges facing humanity today. With more frequent and severe climate-related disasters such as floods, wildfires, droughts, and hurricanes, nations around the world are working together to develop solutions that will reduce greenhouse gases emissions and protect our planet for future generations.At COP27, political leaders from around the world will come together to discuss how we can accelerate climate action globally. They will review each nation’s performance against the targets for reducing carbon emissions to net zero by 2050 and developing renewable energy technologies that help mitigate climate change impacts on habitats like forests and oceans. Additionally, they will be looking at ways to increase climate financing so that vulnerable communities in developing countries can access the resources they need to adapt their infrastructure and build resilience against climate change. Without these resources, these communities are at risk of experiencing devastating impacts such as extreme weather events, food shortages, and water scarcity.Technological developments offer potential solutions to the challenges of climate change. Innovative climate solutions are emerging every day, from businesses that reduce emissions through carbon capture and storage, to communities that embrace renewable energy sources like solar and wind power.What are the goals of the COP27 summit?Since the signing of the Paris Agreement in 2015, almost all countries are committed to:Keep average global temperature rises below 2°C and ideally 1.5°C, compared to pre-industrial levels.Strengthen the ability to adapt to climate change and build resilience.Align finance flows with ‘a pathway towards low greenhouse gas emissions and climate-resilient development.’Aside from reviewing countries’ progress against these objectives, COP27’s agenda is aimed at achieving further progress in the following areas:MitigationHaving reviewed the progress against goals set out in the Paris Agreement (COP21) at COP26, nationally determined contributions (NDCs) proved to be insufficient to limit global warming to the levels agreed in the Paris Agreement. Last year’s summit ended with the introduction of the Glasgow Climate Pact which called for updated NDCs to be made within a year, in preparation for COP27, however very few countries have done so.This year’s conference recognises that mitigation requires bold and immediate actions and raising ambition from all parties, in particular those who are in a position to do so and those who can lead by example. COP27 hopes that a draft decision on the work programme for urgently scaling up mitigation ambition and implementation by 2030 can be reached.AdaptionExtreme weather such as heatwaves, floods and forest fires have become an everyday reality for some countries. The ‘Global Goal on Adaptation’ was one of the significant outcomes of COP26, and one goal of this year’s summit is to make further progress towards enhancing resilience and assisting the most vulnerable communities.Beyond the Global Goal on Adaptation, COP27 aims for an enhanced global agenda for action on adaptation, confirming what was agreed on in Paris and further elaborated on in the Glasgow pact, with regard to placing adaptation at the forefront of global action.FinanceCOP27 aims to make significant progress on the crucial issue of climate finance while moving forward on all finance related items on the agenda. Existing commitments and pledges, announced from Copenhagen and Cancún, through Paris and all the way to Glasgow, require follow up in order to provide clarity as to where we are, and what more needs to be done.Progress on delivery of the annual $100 billion will build more trust between developed and developing countries, showing that actual commitments are being fulfilled – we hope to see COP27 encourage developed countries to deliver on these historic promises.Global stocktakeThe global stocktake process began at COP26 last year and its aim is to assess progress towards the Paris Agreement’s goal to limit global warming. This two-year process concludes next year at COP28 and the output of the global stocktake should serve as a basis for improved climate ambition. Technical expert discussions on the inputs and outputs of the global stocktake are set to continue at COP27.The summit has the power to set the course for the future of the green economy. Given the individual national pledges, financial commitments and frequent performance reviews, we expect governments to translate these measures into local policies, trade-offs and grants available to businesses, resulting in a significant increase in sustainable and green inventions. All solutions and innovative concepts helping to fulfil the green agenda and mitigate climate change should be protected, and the best way to do so is with help of intellectual property rights.Mathys & Squire works with numerous clean-tech clients on green technology breakthroughs and sustainable solutions. We are honoured to partner with companies and inventors who are addressing climate change and whose initiatives further the objectives set forth by COP27.We eagerly await the results of the COP27 summit to see how they will influence future generations of green technologies.