Moneycontrol Pro Panorama | New COP summit, new promises but no real progress

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COP27 was a familiar story all over again as countries struggled to reach a compromise on how to limit global warming.

The good news is that countries agreed to set up a loss and damage fund that will help smaller and poorer nations suffering the most from climate change. A structure is supposed to be set up by the time of the next COP conference in 2023.

However, we need to see what will happen. Remember that in COP15, rich countries pledged to give $100 billion a year in climate financing. So far, this pledge has not been met for a single year.

Moreover, there was no consensus in accelerating emission cuts and the timeline to phase down fossil fuels. As Moneycontrol reported yesterday, the Egypt climate declaration has only called for a low-carbon development, which implicitly means that there is no global stricture on not expanding the role of natural gas.

As our columnist Shailendra Yashwant puts it, “COP27 may have reached a compromise deal to save the process, but Sharm El-Sheikh also exposed an unfortunate truth, that the world governments are so entangled with polluting industries that they are unable to take the path of transformative change that the climate emergency requires.” You can read his full piece here.

In another piece, it is argued that while climate conferences such as COP27 make new promises, with little progress on the previous ones, that should not stop India from rolling out a decarbonisation initiative. Read more here.
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Ravi Krishnan
Moneycontrol Pro