At the beginning of next November, more specifically between the 6th and 18th, the 27th United Nations Climate Change Conference will take place in Sharm el-Sheikh – an Egyptian city on the Red Sea coast. But what can be anticipated about this highly significant event? 

Conceived by the United Nations, the COP has brought together, since 1995, the leaders of practically every country in the world and, in recent years, these conferences have substantially contributed to the implementation of climate-related agreements, such as the Paris Agreement (announced in 2015, during COP21) and the global carbon market (announced in 2021, during COP26).

The official slogan of COP27 is "together for implementation," which opens horizons for the realization of the various promises and goals agreed upon over recent years, after, in 2021, the Paris Agreement rulebook was finally "closed." However, it is necessary to coordinate efforts so that the new measures are implemented uniformly worldwide, which leads us to what will possibly be the main theme of this year's conference: climate financing.

In 2009, during COP15 in Copenhagen, the so-called developed countries promised to create and provide developing countries with a fund of 100 billion dollars per year until 2020, so that they could implement measures to combat climate change. This promise, however, was not fulfilled and, in 2022, this issue is expected to return to the conference tables. 

Still, not everything is negative. Unlike what happened in 2009, the signals given today by major financial entities are quite promising. By 2025, the World Bank's Climate Change Action Plan aims to allocate, annually, 25 billion dollars to initiatives that seek to reduce greenhouse gas emissions and promote adaptation to more sustainable means, simultaneously contributing to the region's development and poverty reduction. Furthermore, in 2021, the World Bank changed its investment portfolio, not financing any project or company linked to fossil fuels.

Having said all this, we can anticipate that the financial issue will be the crucial point of the 27th United Nations Climate Change Conference, with developing countries – which are the most vulnerable to climate change, as we can observe from the tragic events in Pakistan that recently had ⅓ of its territory submerged – demanding action and international financing mechanisms to combat global warming.