COP27 Yields Deal to Compensate for Climate Damages, But No Progress on Phasing Down Fossil Fuels

While the COP27 summit yielded a historic deal to help poor countries pay for damages associated with climate change, it also exposed deep divisions that will likely see future U.N. climate summits struggle to make agreements on emissions cuts. On Nov. 20, negotiators at the COP27 climate summit in Egypt reached a tentative agreement to create a so-called “loss and damage” fund where rich countries will financially help poor countries hit hard by the impacts of climate change, such as disruptive hurricanes and damaging droughts. While the fund is a significant milestone, the COP27 agreement does not include more aggressive text on phasing down unabated fossil fuel projects and instead just includes phasing out coal power -- a commitment that countries had already agreed to before this year’s conference. The deal also does not include new pledges to accelerate emissions cuts....