The BIC notes that, with two days of delay, the final text of the COP27, the Sharm el-Sheikh Implementation Plan, was agreed by all Parties on the 20th of November 2022. Among significant outcomes, the agreement reaffirms commitments towards achieving the target +1.5°C set by the Paris Agreements in 2015. However, this key pillar of global climate action was worryingly put into question during the negotiations.

As forecasted, discussions at COP27 this year were mainly articulated around the issues of green financing and loss and damage in developing countries, topics that are underpinning the broader question of climate justice. After two weeks of tense and polarized negotiations, final deliberations are coming to an end, with probably no great achievements expected this year.

The BIC welcomes the ceasefire signed between the Ethiopian government and the regional Tigrayan forces in Pretoria. The African-Union led peace talks have resulted in a surprisingly quick agreement between the parties which, if respected and implemented, will be a critical step in a comprehensive peace process. However, challenges still remain and require vigilance by the international community to ensure that the transition to peace proceeds smoothly.