After two weeks of tough negotiations, COP27 lastly got here to an in depth on 20 November in Sharm el-Sheikh. The overdue closing settlement, which was signed by the representatives of almost 200 nations, is a historic step ahead with regard to the query about loss and damages.
The negotiations had been centred across the financing of such a fund by wealthier nations to compensate for the “loss and damages” suffered by poorer nations as the most important victims of local weather change. The institution of a fund in favour of poorer nations, which will probably be financed by rich nations and applied by 2023, was broadly welcomed.
Nonetheless, a COP just isn’t a COP with no little bit of disappointment. The settlement was criticised for not being bold sufficient with regard to the abandonment of fossil fuels. Others bemoaned the lack of cooperation from huge polluting nations, Egypt’s behaviour throughout the two-week convention, in addition to the dearth of participation allowed from civil society.
Examine our investigation on the greenwashing of Michelin’s inexperienced bonds: First half. Second half. Third half.
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