Perhaps the single biggest outcome of COP27 is that, after long and extended negotiations, an agreement was reached to create a global “loss and damage” fund within the next 12 months to help developing and climate vulnerable countries and communities pay for the costs of managing climate-fueled weather extremes or impacts marked a historic breakthrough in the decades long battle to get high-income countries, whose economic growth fuelled the climate crisis, to compensate their lower-income counterparts that are now paying the price for it, such as sea-level rises, which sweep away entire communities. This fund is absolutely vital and will only become more so, because the more fossil fuels that are burnt, the greater the losses and damages will be.  While details are yet to be worked out in full, the inclusion of this is a ray of hope for vulnerable communities and shows that their voices are being heard by decision-makers.  The hope is that communities living on the front lines of the climate crisis can access this financial support to help them recover and rebuild in the aftermath of climate disasters. 

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A small but positive sign was the recognition that powerful international financial institutions, like the World Bank, can be reformed to free up more funding for climate action. This matters because we need to move beyond talking about millions or billions to investing trillions for a more climate-resilient world.

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The international climate movement is growing stronger — something made clear by the dozens of powerful actions at COP27.

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A new work program was launched including an annual meeting of ministers to discuss the just transition away from fossil fuels - providing a forum for conversations that have already begun.

We also saw a huge step change in diplomatic support for the end of the fossil fuel era. In the end, 80 countries made statements calling for a transition away from ALL fossil fuels. While this was blocked from being included in the final text, it is a huge step forward.

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Thousands of people from climate-vulnerable communities raised their voices to speak up on the issue of climate finance. 

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Key phrases 'nature-based solutions' and the 'right to a clean, healthy and sustainable environment' were included in the COP text for the first time.

 

Questions still need to be answered about the loss and damage fund, including who will be eligible, who will fund it, and how much money there will be. Many rich countries only backed the fund grudgingly and getting meaningful amounts of money into the fund will be an uphill battle.

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On the issue of climate finance, the final text does little more than recognise the ongoing failure to deliver the long-overdue $100 billion [pledged to low-income nations].

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COP27 ended with the world still on course for around 2.5°C of warming – the same as it was after COP26 in Glasgow – and that’s only if countries implement their current plans. 

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In the final COP text, instead of accepting calls by many countries and civil society who called for an “equitable phase out of fossil fuels” the final decision still calls for a “phasedown of unabated coal power”. There is no definition of “unabated” making the inclusion of this term open to abuse by the fossil fuel industry and producing countries to justify continued coal production. Not to mention, the decision doesn’t even mention oil and gas!  The decision also calls for the “phase-out of inefficient fossil fuel subsidies”. But in the 13 years since “inefficient fossil fuel subsidies” were first used at the G20 in 2009 there have been no criteria set for what would make a fossil fuel subsidy “efficient”. This has since been misused as a coverup for continued public financing of coal, oil and gas.  By refusing to phase out fossil fuels, governments have failed to reach a more ambitious agreement than at COP26 in Glasgow last year, putting the health and security of people and nature at risk.   

 

Although we heard a lot about the benefits of renewables, the fossil fuel industry was out in force at COP27.  Some 636 fossil fuel industry representatives registered to attend, leading to claims that the conference had been hijacked.

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Behind the scenes of COP27, as decisions were being made on how to tackle the climate emergency, at least 15 new international oil and gas deals were being concluded.

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Prayers and action taken are making a big difference. Let’s persevere in holding our leaders to account for keeping their promises and urging wealthier nations to step up to their responsibilities. In this decisive decade for climate, at COP28 (30 Nov-Dec 2023 in the United Arab Emirates), we hope for more, much more.