For 30 years, developing nations have fought to establish an international fund to pay for the “loss and damage” they suffer as a result of climate change. As the COP27 climate summit in Egypt wrapped up over the weekend, they finally succeeded.
While it’s a historic moment, the agreement of loss and damage financing left many details yet to be sorted out. What’s more, many critics have lamented the overall outcome of COP27, saying it falls well short of a sufficient response to the climate crisis. As Alok Sharma, president of COP26 in Glasgow, noted:
Friends, I said in Glasgow that the pulse of 1.5 degrees was weak. Unfortunately it remains on life support.
But annual conferences aren’t the only way to pursue meaningful action on climate change. Mobilisation from activists, market forces and other sources of momentum mean hope isn’t lost.
One big breakthrough: loss and damage
There were hopes COP27 would lead to new commitments on emissions reduction, renewed commitments for the transfer of resources to the developing world, strong signals for a transition away from fossil fuels, and the establishment of a loss and damage fund.