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The Big Picture

The Cost of Climate Influence

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  • Last-stage talks at the COP27 climate summit in Sharm el-Sheikh, Egypt, gave producers most of what they wanted.

  • The summit agreement avoided commitment to a fossil fuel phasedown — and included language on a "low-emission" energy pathway.

  • But momentum has shifted decisively in favor of a faster clean energy transition, helped partly by high oil and gas prices.

Producers, led by Saudi Arabia, threw everything at this meeting. Publicly, Riyadh unleashed a blitz of decarbonization initiative announcements. Privately, producers fought hard to insert language on “low-emission” energy as an acceptable category alongside renewables and avoid any mention of fossil fuels being blamed for global warming in the final meeting communique.

Topics:
Policy and Regulation, Carbon Markets , Renewable Electricity , Nature-Based Solutions
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