The UN-backed climate summit in Egypt was a failure, no doubt about it. But it was not a systemic failure.
There is something in the modern radical mind that wants the climate negotiations to fail. Such a failure, after all, would seem to prove that this wretched system cannot be reformed, that only a revolutionary break can save humanity’s future.
Alas, this email’s date stamp, November 18, places it two days before COP27 ended. During those two days, the rich countries that had blocked the establishment of the Loss & Damage fund folded under immense political pressure, thus allowing COP27 to finally create the fund., it only did so after a last-minute threat by European negotiators to abandon the talks. But despite this win, the endless U.S. stalling did immense damage.
Not only is a great deal of loss and damage finance needed, so is a great deal of mitigation finance. And adaptation finance. And just transition finance. But after COP27’s loss-and-damage finance battle, something very large has shifted. Back in the old days, when it was still possible to honestly imagine that mitigation alone would be sufficient, it was also possible to argue thatworld more or less suffice. But those days are over.
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