Source: Thaier Al-Sudani/Reuters
However, who will pay and how this financial assistance will be delivered to help countries like Pakistan recover from climate disasters remains to be negotiated next year.
The COP27 agreement failed to go beyond the 2021 Glasgow climate pact’s promise to “phase down unabated coal power”, despite the Indian proposal that all fossil fuels should be phased out. The text also announced no new targets or commitments, threatening the goal of limiting global temperature rise to 1.5°C, established seven years ago in the Paris agreement. Instead, there was a request for new country pledges, or nationally determined contributions (NDCs), for COP28 – another year’s delay.