COP27 is over and the annual climate summit made historic strides in some areas, while leaving much to be desired in the others. Here’s a recap:
The big issue this year was the compensation of poorer countries for losses and damages from climate change. With these nations contributing less to our global emissions, it isn’t fair that they should suffer more economically from disasters like the recent floods in Pakistan. That’s why, historically, it has been decided that wealthy countries will pay for these economic losses.
While that was seen as a massive step forward, there was almost no progress made against fossil fuels. Some nations, who’s key export is oil and gas, even lobbied to go backwards and soften the goals made in 2015. They argued that limiting global warming to 1.5°C was too expensive, unrealistic and unnecessary, while other countries remain steadfast that it was absolutely essential. In all these discussions, there was no commitment made to phase out fossil fuels.