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Chairman Kokubu’s Comments on COP27

November 22, 2022

The 27th UN Climate Change Conference of the Parties (COP27) concluded with the adoption of the Sharm el-Sheikh Implementation Plan.

Regarding financial support for climate change “loss and damage,” which was the greatest focus, it was extremely significant that countries with different positions and circumstances compromised within the UN framework and a decision was reached to establish a new fund for developing nations, etc. While the specific contents will be examined toward COP28 next year, as meteorological disasters and other impacts of global warming are becoming conspicuous worldwide, it is desirable to construct a framework that can quickly provide the necessary funds to the countries and regions that truly require assistance.

Also, regarding the target to limit the temperature increase to 1.5°C above pre-industrial levels, the contents of the Glasgow Climate Pact adopted at COP26 last year were incorporated anew in the outcome document, and the efforts to advance the phasedown of coal power and the phase-out of inefficient fossil fuel subsides were reconfirmed. I understand that a certain amount of adjustment capacity has been demonstrated under the present conditions where many countries are facing an energy crisis, but from now there will likely be demands for more decisive efforts to prevent global warming.

The government of Japan has called for the creation of a cooperative system toward the smooth implementation of international greenhouse gas emissions trading based on Article 6 of the Paris Agreement, and launched the Paris Agreement Article 6 Implementation Partnership with the participation of more than 60 countries, regions, and institutions. We would like the government to continue to manifest leadership toward the realization of a decarbonized society.

As the Shosha industry as well, we grasp the climate change issue as the highest priority social problem and want to proactively pursue initiatives toward resolving this problem via business activities including both technology and funds assistance toward the energy transition of developing countries.