‘Climate Frustration’ Contests ‘Hopes of Agreement’ at COP27 Negotiations

COP27 President Sameh Shoukry giving his opening speech at the beginning of the week of negotiations (Egyptian Foreign Ministry)
COP27 President Sameh Shoukry giving his opening speech at the beginning of the week of negotiations (Egyptian Foreign Ministry)
TT

‘Climate Frustration’ Contests ‘Hopes of Agreement’ at COP27 Negotiations

COP27 President Sameh Shoukry giving his opening speech at the beginning of the week of negotiations (Egyptian Foreign Ministry)
COP27 President Sameh Shoukry giving his opening speech at the beginning of the week of negotiations (Egyptian Foreign Ministry)

Main points of contention in climate negotiations at the COP27 began to surface clearly. COP27 President Sameh Shoukry had kicked off a hard work week of climate talks with a stimulating speech on Monday.

During an informal update, Shoukry said that while negotiators have concluded work on some issues “there is still a lot of work ahead”.

“If we are to achieve meaningful and tangible outcomes of which we can be proud of, we must now shift gears and complement the technical discussions with more political high-level engagement”, he told the plenary.

Shoukry expressed his hope that almost all outstanding issues would be resolved by Wednesday, November 16, so that an agreement could be reached in time for the last day of COP27.

“The door of the presidency, and my door in particular, remains open to all parties, in order to achieve the success we seek,” affirmed Shoukry.

“Our common goal is to adopt consensus decisions on Friday that constitute comprehensive, ambitious and balanced outcomes of COP27,” he added.

COP27 is currently being held in the Egyptian resort city of Sharm El-Sheikh.

Before the beginning of the summit in Sharm El-Sheikh, there were two trends that dominated climate action discourse.

Some believed that the extreme climatic events that the world witnessed this year would force the negotiators to reach a conclusion. Meanwhile, others saw that “geopolitical” tensions in the world currently do not bode well for the possibility of any progress in climate files.

Many hoped for the more optimistic trend to prevail, especially after the decision to include “loss and damage” funding to the conference’s agenda for the first time.

Optimists, however, continued to stress that without achieving a tangible result, the inclusion of “loss and damage” on the agenda remains “just a worthless piece of paper.”

As the second and final week of COP27 began, Simon Stiell, UN Climate Change Executive Secretary, reminded negotiators that people and the planet are relying on the process to deliver.

“Let’s use our remaining time in Egypt to build the bridges needed to make progress on 1.5 [degrees Celsius], adaptation, finance and loss and damage,” he said.

A statement issued by Greenpeace on Monday reflected frustration regarding climate action, as the statement warned that “things are moving in the direction of placing the interests of polluters above any consideration of climate justice.”

Stiell’s statements also reflected this frustration whereby he noted that many issues remain unresolved and that the summit may fail in living up to the unfolding climate crisis.



Report: Arms Producers Saw Revenue up in 2023 with the Wars in Ukraine, Gaza

GROT C16 FB-M1, modular assault rifles system is seen at PGZ (Polska Grupa Zbrojna) arms factory Fabryka Broni Lucznikin Radom Poland, November 7, 2022. REUTERS/Kacper Pempel
GROT C16 FB-M1, modular assault rifles system is seen at PGZ (Polska Grupa Zbrojna) arms factory Fabryka Broni Lucznikin Radom Poland, November 7, 2022. REUTERS/Kacper Pempel
TT

Report: Arms Producers Saw Revenue up in 2023 with the Wars in Ukraine, Gaza

GROT C16 FB-M1, modular assault rifles system is seen at PGZ (Polska Grupa Zbrojna) arms factory Fabryka Broni Lucznikin Radom Poland, November 7, 2022. REUTERS/Kacper Pempel
GROT C16 FB-M1, modular assault rifles system is seen at PGZ (Polska Grupa Zbrojna) arms factory Fabryka Broni Lucznikin Radom Poland, November 7, 2022. REUTERS/Kacper Pempel

Major companies in the arms industry saw a 4.2% increase in overall revenue in 2023 with sharp rises for producers based in Russia and the Middle East, a new report said Monday.

The report by the Stockholm International Peace Research Institute, or SIPRI, said revenues from the top 100 arms companies totaled $632 billion last year in response to surging demand related to the wars in Ukraine and Gaza.

It said that “smaller producers were more efficient at responding to new demand."

By contrast, some major companies such as US-based Lockheed Martin Corp. and RTX that were involved in complex, long-term contacts registered a drop in earnings, according to The AP.

The 41 US-based arms companies among the world's top 100 saw revenues of $317 billion, a 2.5% increase from 2022, the report said.

Since 2018, the world's top five companies in the industry are Lockheed Martin Corp., RTX, Northrop Grumman Corp., Boeing and General Dynamics Corp.

Six arms companies based in the Middle East and in the world's top 100 saw their combined revenues grow by 18%, to a total of $19.6 billion.

“With the outbreak of war in Gaza, the arms revenues of the three companies based in Israel in the top 100 reached $13.6 billion,” the highest figure ever recorded by Israeli companies in the SIPRI reports, the institute said.

The slowest revenue growth in 2023 was in the European arms industry, excluding Russia. Revenue totaled $133 billion or 0.2% more than in 2022, as most producers were working on older, long-term contracts.

But smaller companies in Europe were able to quickly tap into the demand related to Russia's war against Ukraine.

Russia's top two arms companies saw their combined revenues increase by 40%, to an estimated $25.5 billion.

“This was almost entirely due to the 49% increase in arms revenues recorded by Rostec, a state-owned holding company controlling many arms producers,” the SIPRI report said.