The 27th summit of the Conference of Parties (COP27) in Egypt comes on the back of extreme weather events that seem like a trailer of the climate catastrophe that awaits the planet: epic floods in Pakistan, heat waves in Europe, wildfires in Australia, to name a few. One theme has figured prominently so far: climate finance for mitigation and adaptation. Developing counties need about $2 trillion annually to cut their greenhouse emissions so that the world is on track to meet its net-zero targets. But will the rich counties, who account for 1/8th of the global population but half of all emissions, fulfill their moral responsibility? What happened to their promise to commit $100 billion annually from 2020?
The other big theme of COP 27 is the impact of the Ukraine war, and a turn to new fossil fuel projects in different parts of the world – apparently as a temporary measure but which, if executed, could get locked in for a longer term. How are these issues playing out in COP 27?