Climate Change, Energy, Sustainability The Nitty Gritty of Climate Policy: Taking Stock of COP27, Looking Ahead to COP28

January 12, 2023
By Olivia Fielding, Michael Franczak, Masooma Rahmaty, Aparajita Rao, Jimena Leiva Roesch, Michael Weisberg

The 27th meeting of the Conference of the Parties (COP27) to the UN Framework Convention on Climate Change (UNFCCC), held this past November in the Egyptian resort town of Sharm El-Sheikh, took place amid a tense global economy and geopolitical outlook. The “polycrisis” of high prices for food, energy, and debt have strained the budgets of all countries, but especially developing countries already under pressure from costs associated with the global pandemic. Indeed, two-thirds of developing and middle-income countries are now in or at risk of default, as Global North central banks raise interest rates to tame inflation and the war in Ukraine further destabilizes global food and oil markets.

Thus, finance was at the top of the agenda for last year’s COP; specifically, finance for loss and damage (L&D). The agreement to establish a fund for loss and damage was a historic win for the Group of 77 (G77) developing countries, but progress on mitigation stalled, leaving 1.5 alive but on life support. This article explores those issues and more, with some thoughts on the road ahead for COP28 in Dubai.

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