The recently concluded COP27 climate summit in Egypt has achieved a fundamental breakthrough with a historic agreement for richer nations to provide financial help to poor countries suffering from the impact of climate change, but failed to reach a deal on greater cuts to greenhouse gas emissions and defined the transition away from fossil fuel use.
Loss and Damage Funding Agreed
COP27 has produced an agreement to address loss and damage for the climate impacts suffered by poor nations.
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50 Countries Join Global Methane Pledge
More than 150 countries have signed up to a global pact to reduce methane emissions, around 50 more than when the initiative was launched last year
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1.5c Goal Reaffirmed…But No Concrete Steps Agreed
G20 nations have agreed to continue efforts to limit temperature rise to 1.5C, but have failed to agreed further emission reduction targets.
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Carbon Market Rules Negotiations Continue
Talks to establish carbon offset markets to allow countries to buy credits to partly achieve their climate pledges have dragged on beyond COP27, potentially into next year
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Calls to Reform Global Financial Architecture
Proposals to align the global financial architecture with climate goals by amending the mandates of multilateral institutions to drive climate finance
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Brazil and Allies Launch Rainforest Preservation Partnership
Brazil joined Indonesia and the Democratic Republic of Congo, together home to over half the world’s rainforests, in launching a partnership to cooperate on forest preservation.
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