COP 27: Let’s not let capitalism dictate its laws!

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Posted on 21/11/2022 by PCF

The 27th Climate Change Conference has just concluded in Sharm el-Sheikh (COP 27). It should have been the meeting of history and the occasion of a great global pact of climate solidarity. After all, it is a completely different scenario that is imposed on the peoples of the world, the biodiversity, the planet.

While this COP was supposed to record very ambitious commitments to reduce CO2 emissions, in line with the Paris agreement, and thus limit global warming to 1.5 degrees, we find ourselves at the same point as at the end of COP26, and the world is leads to a warming of more than 2.5 degrees.

The planet is already experiencing global warming of 1.2 degrees, a consequence of the still massive use of fossil fuels. The negotiations did not even lead to explicit mention of oil and gas exit in the final agreement, and coal is barely mentioned. The main gas and oil producing countries at the top, as well as the presence of numerous lobbies representing American and European multinationals were entitled to this mention.

We have witnessed an exercise in climate procrastination, with major emitting countries pushing back their carbon neutrality targets to 2050-2070 and stubbornly refusing to commit to the short term. Thus, the commitment to a reduction of global CO2 emissions before 2025, to follow the conclusions of the latest report of the Intergovernmental Panel on Climate Change (IPCC), has not been made. Capitalism and its short-term logic of securing fossil fuel leases and in-situ installations is back in full play! Worse, this COP, with the presence of many lobbies, was the occasion, behind the scenes of the summit, for the signing of many gas contracts!

It is a completely different path that humanity must follow: as the IEA (International Energy Agency) points out, the goal of limiting it to 1.5 degrees requires giving up 60% of the oil and gas reserves already known and not investing in News. operations. It also means reducing our emissions by 40% by 2030 compared to today’s level. It is a colossal effort, one that capitalism is not ready to undertake, anxious to secure the profits of high-emission activities. The only agenda of capitalism is not that of the climate but that of the shareholders!

Despite everything, the PCF welcomes the explicit mention of a fund intended for reparations and damages for countries directly affected by climate change, which are among the lowest CO2 emitters. The financing methods of this fund have not yet been specified for the next COP28. If the taxation of the profits of large oil and gas groups should contribute to this solidarity, the investment needs for mitigation, adaptation and reparations are great and require a profound change in the role of international financial institutions, primarily the IMF- of, the World Bank, the ECB and the banks. These institutions must work decisively for development and the fight for the climate, instead of satisfying the financial logic of financial capitalism.

Time is running out, this decade will be decisive: every tenth of a degree of warming avoided counts. The PCF calls on all progressive forces and civil society to mobilize to implement the Paris agreement and adhere to the goal of limiting global warming to 1.5 degrees.

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