The big news of COP27 was agreement to establish a fund for ‘loss and damage’. But many lamented the summit’s overall outcome, saying it falls short of a sufficient response to the climate crisis.
When it comes to loss and damage, COP27 negotiations seem likely to reach a dead end. But as we enter the final days of the summit, anything can happen.
The biggest issues at COP27 involve financing for low-income countries hit hard by climate change. A former World Bank official describes some promising signs she’s starting to see.
Wealthy nations have been reluctant to put loss and damage on the COP27 agenda. If negotiations fail, they could ‘unravel the fragile hopes for climate solidarity’
Developing countries want industrialised countries to pay reparations for loss and damage caused by climate change. Even with disasters ramping up, wealthy nations are resisting.
The damage from storms, droughts and sea level rise is in the news almost daily. Some money is flowing to help poor countries, but what isn’t clear is how much impact the funds are having.
On the tail of yet another year of climate disasters, 2022 ushers in the final version of the Paris Agreement, making it a functioning global climate treaty. But it alone can’t save us.
Distinguished Policy Fellow, Lead, Governance and Legislation, Grantham Research Institute on Climate Change, London School of Economics and Political Science