Was COP27 a cop-out?
SummaryThe loss-and-damage fund is welcome but other vital issues were left hanging. India’s G20 presidency may help us find clarity.
After two weeks of strenuous negotiations, the only concrete achievement of CoP-27 is the agreement to set up a new fund to compensate poor and vulnerable countries for irreparable loss and damage caused by climate change. The size of this fund is yet to be determined and there are other uncertainties about who will contribute. Developed countries have said they should not be the only contributors and other large emitters like China and oil exporters should also contribute. These details are expected to be worked out over the next year.