Experts and campaigners warned at the end of COP27 that the world’s largest economies must make new commitments to reduce greenhouse gas emissions. The agreement, reached after a marathon of negotiations that lasted 40 hours longer than expected, was hailed for providing poor countries with financial assistance for loss and damage for the first time. A fund will be set up by wealthy governments to rescue and rebuild vulnerable areas hit by climate disasters, a key demand of developing countries in 30 years of climate negotiations.
The compensation fund created is just about the only success to be credited to this COP. In fact, the climate ambitions of the States have not budged, and there is no agreement on phasing out fossil fuels, not to mention agriculture, biodiversity and the carbon market…
