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Can we expect a post-COP27 ‘nuclear aftermath’ which will positively change the dreadful path we are on? Don’t get your hopes up.
COP27 can be considered another failure. Emission reduction efforts, the famous NDCs, have not been sufficiently strengthened, transition financing actions from developed to developing countries are still below the promised amounts and the announced loss and damage fund seems to be another conditional promise or wishful thinking.
Rich countries need to understand that a loss and damage fund, the major milestone of COP27, will only be financially viable if we keep global warming to 1.5°C. This means strengthened reduction targets and a phase-out of fossil fuels. Climate mitigation and climate adaptation are connected and fundamentally intertwined, when will the developed world finally get this?
In addition, the COP failed, once more, to tackle the delicate issue of mindfully including the rapidly growing economies like China, Russia and Saudi Arabia. Without those nations on board with their individual ambitious targets and commitments, GHG concentrations will not fall.
We already have our reporting template ready for COP28, though we hope we can start from scratch.