The final deal of this year’s UN climate conference, COP27, included two historic firsts (Bloomberg): an agreement to establish a fund to help poor countries cope with climate damages, and a call for multilateral lenders such as the World Bank and International Monetary Fund to implement reforms ensuring that more of their funding addresses the climate crisis. The details of the loss and damage fund were left for future talks. Meanwhile, the communiqué left out proposed text on phasing down use of all fossil fuels, mentioning only coal.
Negotiators were given an unusually short period of time to review the draft text on several major aspects of the communiqué, the Financial Times reported. After some delegates criticized the lack of transparency in negotiations, UN climate chief Simon Steill said he would review the summit process before next year’s conference to make it “as effective as possible.”
|
